Milk Group profits up by two-thirds

By FW reporters

THE Milk Group has announced a 66% increase in profits for the year ended March 31.

Group turnover hit £80.93 million, producing a pre-tax profit before goodwill payments of £746,000.

Milk throughput increased 15% compared with the previous year to over 300m litres, producing an operating profit of £450,000.

Milk processing generated a trading profit of £192,000 in the nine months since the Milk Group acquired a majority shareholding in Nene Valley Foods.

Members supplying milk during the 1997/98 year will receive £240,000 in shares from capitalisation of retained reserves.

The Milk Group remains ahead of budget this year, said chairman David Stern.

Details on a rights issue will be sent to shareholders next month.