Savencia say they are expecting to be hit financially by the consequences of the war in Ukraine. “The international crisis unfolding in Eastern Europe will significantly exacerbate inflationary pressures and the risk of supply shortages that have been emerging since the end of the 2021 financial year,” Savencia said in a statement.

The dairy group, which has operations in Russia and Ukraine, said it would “continue its activities, paying particular attention to the safety of its employees and its partners who produce milk”. In Russia, Savencia’s 2018 acquisitions included OAO Belebey, one of the market leaders in semi-hard cheeses.