Farming: First prize for First Milk results

Despite the uncertainty of Covid, rising prices and war in Europe, dairy co-operative First Milk delivered its capital projects on time and on budget, while achieving a price increase for producers.

That was the message given by the board of the Paisley-headquartered dairy co-operative when it revealed its latest Annual Report and Accounts.

Claiming that the group had also improved its sustainability credentials over the period, the organisation’s chief executive, Shelagh Hancock said that First Milk had delivered growth in turnover along with the largest-ever capital investment programme - and that it had strengthened commercial relationships during a challenging year.

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“Indeed, we have continued to deliver against our strategic objectives improving total returns to our members throughout the period, improving milk price by 5.8ppl, equivalent to almost £50m, and increasing net assets by 28 per cent during the year.”

The report showed that Group turnover up 11% to £331m through a combination of volume growth and increased value while net asset value increased by 28% (£10.6m) to £48.7m as a result of ongoing delivery of profit, improved pension position and capital expenditure.

But Hancock admitted that there was no shying away from the realities of the global challenges which the sector faced:

“However, I am confident that First Milk is well positioned and will continue to deliver for our members,” she said, adding:

“We have great customer relationships; a growing export business; efficient, well invested production sites, a market-leading sustainability programme and, of course, some of the best dairy farmers in the world. That is a great foundation for future success.”

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