First Milk’s member milk prices will increase by 0.52p/ litre from 1 November on a manufacturing standard litre of 4.2% butterfat and 3.4% protein.
The announcement comes in the same week that the farmer-owned co-op revealed accounts showing it was back in the black with a £6m operating profit in the year to March 2017 compared with a %.1m loss the year before.
November prices will increase by the following amounts:
- Haverfordwest pool Up 0.52p/litre to 30.57p/ litre
- Lake District pool Up 0.52p/litre to 30.45p/ litre
- Midlands and East Wales pool Up 0.5p/ litre to 29.40p/ litre
- Scotland pool Up 0.5p/ litre to 29.09p/ litre
Haverfordwest and Lake District prices are manufacturing standard litre (4.2% butterfat and 3.4% protein), whereas others are liquid standard litres (4% butterfat and 3.3% protein), so the equivalent price increase on the liquid standard contracts is 0.5p/litre.
Nigel Evans, vice-chairman and farmer director of First Milk, said: “The returns from the milk market continue to strengthen and this, along with advances in the performance of the business, mean we can deliver this additional milk price increase to our members, which will be welcome news.
“Looking to the future, we remain focused on driving efficiency and quality, generating value through strong, long-term customer partnerships to deliver competitive returns back to our members.”
The farmers-owned co-op has undergone a significant restructuring in the past two years.