First Milk continues to strengthen
Dairy processor, First Milk has published successful year-end results, reporting “stable financial performance”.
Group turnover was up 7.8% to £272.3m (2018: £252.7m), while operating profits for the year were “stable” at 2.6% of turnover.
The company’s net debt was down by £3.8m year-on-year while net assets increased by £4.4m on last year.
First Milk chief executive, Shelagh Hancock, said: “Over the last twelve months we have been focused on further strengthening and developing the business, with stable financial performance, efficient manufacturing, strengthened commercial relationships and, crucially, improved returns to members.
“With a strong platform in place, we are committed to maximising the value we return to our members. We remain clear that prosperity comes from building demand, growing capacity and securing supply – in that order. The dairy world is changing fast; economically, socially, technologically and politically. We will continue to be agile and adaptable, broadening our base and collaborating to deliver optimal supply chain solutions that deliver benefit for our members and our customers.”
First Milk, a British farmer-owned co-operative produces Cheddar, Red Leicester and Double Gloucester cheese, most of which is sold through its partner Ornua. The company also produces butter, cream and whey proteins.
In June, First Milk announced the launch of its new responsible sourcing programme, First4Milk. The programme is designed to promote the important positive role that dairy farming can have in delivering environmental and social benefits to the world.