FDBusiness.com

Sold Performance By Milk Link

 Breaking News
  • Arla Foods Delivers Turn-around After Tough Start to 2018 After a difficult first quarter, Arla Foods came out of 2018 with improved sales and brand share as the international dairy co-operative’s performance grew stronger throughout the year. The transformation programme Calcium delivered cost-savings far beyond targets for the year and thanks to a historically strong balance sheet the board of directors has proposed to [...]...
  • British Gin Boosted by Exports The latest figures from HM Revenue and Customs show that British gin sales abroad, in 2018, were worth £612 million – up 15% on the previous year. In 2016 export sales of the juniper-based spirit broke the half a billion-pound mark for the first time and since then the popularity of British gin has seen [...]...
  • Operating Profit Declines at PepsiCo Announces $2.5 Billion Restructuring Programme PepsiCo has reported a 2% increase in net net revenue to $64.66 billion and a 2% drop in operating profit to $10.11 billion for 2018. However, organic revenue, which excludes the impacts of foreign exchange translation, acquisitions, divestitures, structural and other changes, grew 4% and and core constant currency operating profit increased 2%. Commodity mark-to-market net [...]...
  • Kerry Group Benefits From Unique Business Model Kerry Group, the global taste, nutrition and consumer foods business, has reported a 3.1% increase in revenue to €6.6 billion for the year ended 31 December 2018, reflecting strong volume growth and contribution from acquisitions, partially offset by adverse currency movements. Business volumes grew by 3.5% and pricing decreased by 0.5% against a backdrop of [...]...
  • Premier Foods Discontinues Ambrosia Sale Process Premier Foods has decided not to proceed with the potential disposal of its Ambrosia brand. A number of parties expressed interest in the business, and since the New Year Premier Foods has been engaged in detailed discussions with a small group of potential buyers. However, the Premier borad has concluded that in the present business [...]...

Sold Performance By Milk Link

Sold Performance By Milk Link
June 28
11:37 2010

Milk Link has increased profit before tax to £10.6m for the year ended April 3rd last from £0.5m in 2009, when the British dairy co-operative incurred exceptional charges of £9.6m. EBITDA rose by 1.7% to £28.7m and turnover edged up 0.5% to £550m. The profit attributable to co-op members was £10.1m.

The amount of milk handled by Milk Link during the year increased by 13% to over 1.4b litres as the co-operative was successful in recruiting about 600 additional new members and ‘direct supply’ farmers

Despite the acquisition of the Llandyrnog Creamery in North Wales for £25.6m during the year, net bank debt at £80.9m was only £4.8m higher than the prior year. The acquisition reinforced Milk Link’s position as the largest producer of British cheeses.

During the year, Milk Link undertook a strategic refocusing of its long life milk and cream and flavoured milks business. This entailed the closure of its Kirkcudbright facility and consolidation of all milk production into its Crediton Dairy, which benefited from a major capital investment programme to create the most advanced production facility of its type in the UK.

Neil Kennedy, chief executive of Milk Link.

“Despite extremely difficult trading conditions, particularly in relation to the cheese market, where the impact of imports of cheap cheese combined with deep and sustained discounting by the major Cheddar brands served to erode value from the market, the group’s financial performance was strong,” comments Neil Kennedy, chief executive of Milk Link.

“Looking forward, over the next twelve months the trading and economic environment will continue to be extremely challenging, whilst global dairy commodity markets will remain highly volatile. At the same time, although there are some welcome signs that farmer confidence is improving across the dairy industry, we must ensure that this is developed and sustained. This will be vital if we are to give farmers the confidence to make the necessary levels of investment in their dairy enterprises and to encourage the next generation of dairy farmers who will be the lifeblood of the industry.”

About Author

colin

colin

Related Articles



Food & Drink Business Conference & Exhibition 2016

Upcoming Events

  • June 18, 2019Multimodal 2019
AEC v1.0.4

find food jobs

The Magazine

F&D Business Preferred Suppliers

New Subscriber

Subscribe Here



Advertisements