10 July 1998

£1.1m surplus for MG

MILK Group figures show an operating surplus of £1.1m on a turnover of over £80m for the year ending Mar 31.

The surplus is more than 50% up on last year, says chairman, David Stern. The farmer-owned group is paying a year-end bonus of 0.2p/litre for all milk supplies during the year and a £460,000 share issue (worth 0.15p/litre). It also proposes a dividend of 10p a share and a further share issue equivalent to 0.1p/litre.

The groups processing dairy, Nene Valley Foods, made a profit of £300,000 on a turnover of £10m.

An "average" member received 22.6p/litre, based on standard price and transport and hygiene bonuses. Membership is expected to top 500 this year, says Mr Stern. &#42