By FWi staff
MILK GROUP members have had to forego their thirteenth annual cash payment, which has been used this year to support the falling milk price.
Annual figures show an operating profit of 703,000, up 24% on last year, on a turnover of 98.94 million, for the year ended 31 March,.
Turnover from the companys processing dairy, Nene Valley Foods, hit 16 million, up 16%.
“This 5% increase in turnover comes despite the drop in milk prices. It has been achieved mainly through a substantial expansion of producer members, which reached 600 at the year end,” says chief executive Robert Audas.
“Current membership is 700, and is predicted to rise a further 10% by October.
The farmer-owned group has proposed a 250,000 share issue and a dividend of 10p a share. Added together, these year-end payments take the average standard litre payment to 18.4ppl for the 1999/2000 milk year.