FDBusiness.com

First Milk Returns to the Black

 Breaking News
  • KK Foods Plans £5.5 Million Expansion KK Fine Foods, a leading frozen food manufacturer based at Deeside in Wales, is set to expand and diversify with support from the Welsh Government, creating an additional 40 new...
  • Nestlé Launches Fund to Boost Packaging Innovation Nestlé has announced that it will invest up to SFr2 billion (€1.86 billion) to lead the shift from virgin plastics to food-grade recycled plastics and to accelerate the development of...
  • Bosch Packaging Technology is Now Syntegon Syntegon Technology is the new name for Bosch Packaging Technology, following the sale of the former Bosch division. Headquartered in Waiblingen, Germany, Syntegon Technology’s business focus is on intelligent and...
  • Nestlé Launches New KitKat Gold in the UK Nestlé has unveiled a unique addition to its biggest confectionery brand – the new KitKat Gold. KitKat Gold is a combination of trademark crispy wafer on a smooth milk chocolate...
  • 789 Food and Drink Acquisitions in 2019 2019 broke records again for the number of food and drink transactions around the world, with 789 registered on the Zenith Global mergers and acquisitions database, an average of 15...

First Milk Returns to the Black

First Milk Returns to the Black
November 04
13:09 2010

UK dairy co-operative First Milk has reported profit before tax of £3.2m for the six months period ended September 30th 2010, recovering from a loss of £9m in the first half of last year. Similarly, operating profit increased by £11.8m to £3.8m as improvements were achieved across the group’s various businesses, and turnover rose by £24m to £280m. Bank debt was also reduced by £32m during the period, helped by the sale of one third of First Milk’s stake in UK dairy company Robert Wiseman Dairies for £18.5m in November 2009.

“We have laid out a strategy to drive shareholder returns, grow our brands, diversify our product and market mix, lower our cost base and seek value in partnerships,” comments Bill Mustoe, chairman of First Milk. “Benchmarking these half-year numbers against the prior year shows a greatly improved performance. The results in the first six months of last year were poor, mainly as a result of paying out a milk price that was ahead of market returns, a tactic we no longer pursue.” However, First Milk still managed to deliver milk price rises to its farmer members of 2.2 pence per litre during 2010.

He continues: “Looking ahead to the next six months, we are convinced that our strategy continues to be appropriate for the tough market conditions and expect this solid turnaround to be maintained.”

About Author

colin

colin

Related Articles

Food & Drink Business Conference & Exhibition 2016

Upcoming Events

[eventlist]

find food jobs

The Magazine

F&D Business Preferred Suppliers

New Subscriber

Subscribe Here



Advertisements