16 July 1999

Milk Group bonuses

MILK Group members are in line for several bonuses after the farmer-owned company announced an operating surplus of £1.1m for the year ending March 1999.

The surplus matches last years result, though it stemmed from a higher turnover which, including processing subsidiary Nene Valley Foods, hit £94m, up £13m.

The Milk Group is rebating about £720,000 of that surplus as a year-end bonus to its 500 members, worth about 0.2p/litre (including 0.05p/litre already paid).

It has also proposed a dividend of 10p a share and a share issue of £250,000. Added together, these year-end payments take average standard litre payment to 20.3p/litre for the 1998/99 milk year, said chairman, David Stern. &#42