Profits at a dairy firm have more than halved after households appear to have lost their taste for milk.

Dairy Crest, which has a depot in Parkwood Estate, Maidstone, provide the UK with cheese, milk and other dairy products.

Pre-tax profits for the year to March 31 plummeted to £22.1m, compared to £54.2m in the previous 12 months.

The final year results show the total profit for the company’s dairies operation suffered the biggest decline, falling from £18.8m to £1.8m – a 90% defecit.

Cheese and whey products also suffered, down from £39.3m to £33.1m. The only saving grace was the spreads and butter side of the business, which increased from £16.8m to £33.8m.

Dairy Crest’s brands include Clover spread, Cathedral City cheeses and Frijj milkshakes.

The company, which employs 30 people in Maidstone, is also reported to be looking to sell its dairies operation to Müller UK & Ireland Group, with the £80m deal undergoing constructive talks with the European commission.

Discussing the procedure to gain approval for the sale, chief executive Mark Allen said that the situation is on track.

“Completion of the sale will result in Dairy Crest operating from five well-invested manufacturing sites. It will be a much simpler, more focused, predominantly branded business. It will also have exposure to the growing infant formula category and emerging markets.”

Mr Allen also said the group is in a good position for profitable growth, as some of their brands are expanding.

“Over the coming year as a whole we expect results to benefit from the continued growth of Cathedral City, ongoing cost savings and the completion of our project at Davidstow where we will add value to our whey stream by producing ingredients for infant formula.”