Milk Link has announced it is to pay its farmer suppliers £3.3m-worth of bonuses this month through its Processing Interest Payment.
The sum equates to an 8.1% return on members’ qualifying loan balances and will be equivalent to about 0.35p/litre across the total volume of milk supplied in the year. A typical member will receive around £2000, with money paid into bank accounts on 28 May 2010.
“This is the fourth year in a row that we have been able to make a Processing Interest Payment to our members and to date we have paid out in excess of £13m to them,” Milk Link chief executive Neil Kennedy, said.
“The payment is a tangible reward for the investment and commitment of our members in building a major, added-value dairy products business. It also demonstrates the solid performance of the business over the last 12 months despite the very difficult economic and trading conditions all in the dairy industry have faced.”
The payment followed a 0.5p/litre increase in Milk Link’s milk price from the start of May.