Dairy giant Müller's revenues have fallen bellow £2 billion - with the company citing a decline in dairy milk consumption and changes in the retail market as reasons.
According to the brand, whose revenue fell to £1.9 billion from £2.1 billion the year before, the 'liquid milk market has changed significantly'.
As a result, Müller is focused on cutting £100 million in costs, and will be closing its Foston Dairy site in Derbyshire - with a loss of 200 jobs - as part of that drive.
'Decline in consumption'
"The Müller yogurt and dessert volume market share in chilled yogurts and potted desserts remained constant during 2018 and we continue to have leading brands in the yogurt branded market and a successful desserts partnership with Mondelez," said a company statement.
"Our value share declined slightly during the year due to fluctuation in promotional mix across our brands.
"The liquid milk market has changed significantly due to global market volatility, decline in consumption and changes in the retail environment, resulting in Müller Milk and Ingredients making losses during the reporting period.
"The partnership has invested significantly during the last year in increasing our yogurt production flexibility and capacity and is creating a class-leading liquid milk network with efficient dairies will fully recycled packaging capability."