Solid results for First Milk

First Milk has reported increased profits for the past financial year and is confident the dairy sector will bounce back from the short-term pressure on markets.


Pre-tax profit in the year to 31 March almost doubled from £7.2m in 2011 to £13.3m, although £9.6m of that came from the profit made on the sale of its shareholding in Robert Wiseman Dairies.


Group turnover was up 1% to £579m in a year that saw 195m litres of new milk recruited and several new value-added business opportunities developed. The co-op bought a soft and grated cheese operation in Fife, a Manchester sports nutrition business and embarked on a joint whey processing venture with New Zealand company Fonterra.


“Right now global demand for dairy has been hit by some short-term oversupply. However, the market will recover as supply and demand move back into balance, and returns will be strong in the long term. We have clearly demonstrated from our actions that we can visibly reshape the business.”
Chairman Bill Mustoe

Chairman Bill Mustoe said it was with regret that farmgate prices were cut this spring, but was optimistic things would improve.


“Right now global demand for dairy has been hit by some short-term oversupply. However, the market will recover as supply and demand move back into balance, and returns will be strong in the long term.


“We have clearly demonstrated from our actions that we can visibly reshape the business.”


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