02 July 1998
Scottish Milk profits up
By FWi staff
SCOTTISH Milk made a surplus of £702,000 after tax in the year to 31 March, up 70% on the previous 12 months.
This capital was transferred to reserves to pay for assets taken over on vesting day. It helped the Scottish Milk Group – which includes Scottish Milk Products, Livestock Services and a 36% holding in Drakemire Dairy Foods – record an after-tax surplus of £1.62 million.
The period was a “watershed” in the de-regulation milk era, with weak markets and the strong Pound pushing prices down, said the co-op.
The price it paid for “standard” milk of 4.10% butterfat and 3.30% protein fell from 22.25ppl at the start of the year to 20.37ppl at the end.