Solid Performance By First Milk
Despite the challenging economic conditions, UK dairy co-operative First Milk has managed to increase pre-tax profits from £360,000 to £7.2m and turnover by 7% to £573m for the year ended March 31st 2011
The milk prices paid by First Milk to producers also increased significantly during the year. The standard litre liquid pool price increased by 3.35ppl and First Milk’s cheese pool price increased by 3.15ppl. A further 1.4ppl has been put on the liquid price and 1.98ppl on the cheese price so far in 2011/12.
First Milk has substantially lowered its net bank debt to £44m, against £69m in 2010, mainly as a result of stronger operating cash flow and lower stocks.
Since the start of its current financial year, First Milk has acquired Kingdom Dairy and Kingdom Cheese to broaden its product, customer and market mix.
