British dairy farmers and processing firms have struck a deal “in principle” to end the bitter stalemate over milk prices.

Milk group Robert Wiseman Dairies today posted a 5% hike in sales over the last year, helped by good trading from customers including Tesco, Asda and Safeway.

Builders' and plumbers' merchant Wolseley has become the latest company to warn of the potential impact of challenging conditions in the US.