Dairy Crest sought to reassure investors about its debt position as it reiterated the profit guidance it gave last November.

The group that produces milk, Cathedral City cheese and Country Life butter – advertised on television by John Lydon, better known as the Sex Pistols’ frontman Johnny Rotten – said it still expected its debt to be £500m at its financial year end in March, which would provide “acceptable headroom” against its covenants.