Channel Island ups turnover for MG
SECURING Channel Island milk supplies helped the Cheshire-based Milk Group increase turnover by £5m and net assets by £2.6m in the 12 months to Mar 31. Further expansion is planned, with a bid under way to buy into manufacturing in the south.
David Stern, Milk Groups chairman, told its AGM that milk sales rose to £98.5m this year, helped by the addition of about 120 Channel Island milk producers. A similar number of ordinary producers have joined the group, bringing membership to 700. With plans to increase organic and spot sales, the companys total volume has increased to 600m litres.
The business is moving forward, said Mr Stern. If plans to acquire Lubborn Cheese, which manufactures Somerset Brie, are successful, members could be invited to invest extra cash in the venture, although the company has enough capital to go ahead.
"Our firm belief continues to be that we need to invest in niche, added-value, profitable processing with good growth prospects," said Mr Stern. *