Australia’s only listed dairy processor, Warrnambool Cheese and Butter Factory (WCB) has produced a record financial result for the year ending 30 June 2008, with sales of $525 million, 41 per cent higher than last year and net operating profit after tax up 155pc to $24.5m.

Shareholders will receive a fully franked final dividend of 11c per ordinary share. Managing director Neil Kearney said the results came after processing a record 853m Lt of milk in 2008, a lift of 6pc as suppliers responded to higher than industry average milk prices.

Earnings per share of 62.5 cents was more than 150pc higher than last year and net tangible asset backing increased 20pc to $3.11 per share.

For related stories see Stock & Land August 28.