MILK LINK’S turnover has grown 66% to £651m, according to the farmer-owned dairy co-op’s latest financial results released today (Aug 17).
Sales for the year ended April 2, 2005, were boosted by the acquisition last year of Irish food firm Glanbia’s UK cheese operation.
But the business, now known as The Cheese Company, made a loss of £2.5m.
On the back of this, Milk Link’s pre-tax profits fell £1.3m to £6m.
However, group finance director Nairn Glen, said much of the shortfall was due to loss-making contracts struck before Milk Link took control of The Cheese Company.
These had now been sorted out and profitability had already started to rise in the second half of the year with further increases expected this financial year, said Mr Glen.
The figures were the last from chairman Jeremy Pope who has been at the helm of Milk Link for the past five years.
“I am especially proud to be leaving at a time when the business has performed so strongly. Milk Link has a bright future,” said Mr Pope.