By Farmers Weekly staff

FARMER-OWNED milk group Axis has announced it is to cut seven jobs as part of a programme to drive down overheads by 300,000.

“This is a result of the worsening currency situation which is putting pressure on costs,” says a spokesman.

quota link Bruton Knowles

The weakening Euro pulled the intervention milk price equivalent down by about 1.5ppl between the end of March and the beginning of May.

“It has recovered a bit since, but there is no doubt it is having an impact.

“Some of our milk is sold on contracts related to currency, and the falling IMPE has put further pressure on farmers, and, in turn, on our business to cut costs.”

With staff consultations still taking place, no further details are available, though it is understood the cuts involve a variety of roles and levels.