22 June 2001

Zenith opens its books

ZENITH Milk has published its first set of accounts, which cover the 17-month period ending Mar 31, 2001.

The period includes an establishment phase when no milk trading took place and 12 months of active trading.

In that time, sales topped £241.4m, with the business marketing about 1.3bn litres of milk from 3500 members to over 100 customers.

Costs of milk sales, including payments to members and transport costs, amounted to £237m. Administration costs reached £4.48m, of which 10% were one-off exceptional costs, says the company. A profit of £133,000 was retained in the business. &#42

"In just 12 months of trading we have established a solid foundation for future growth and security," said finance director Tony Kneafsey , adding that raising capital was a key aim.

"We have commissioned a full and independent review to develop our co-operative structure and to identify the most effective methods for raising funds to invest in growing our business."