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With a 1ppl increase from 1 August, Peter and his team have successfully delivered a significant step towards achieving a sustainable milk price. We are fully aware of the current situation on farm cost and the need to get further increases back as quickly as possible. Part of our strategic rationale for vertical integration was the face–to-face access to retailers it would provide. We saw this, and still do, as the opportunity to build strategic partnerships especially in innovation. But it also gives us the negotiating platform we need as Peter and his team have shown this time round.

Having attended both the Royal Highland and Royal Welsh Shows, I was delighted with our strong presence and the opportunity Scottish Pride and Pembrokeshire Cheese provided to attract people to our stand. We have really improved our profile at these shows over the past couple of years. My own market research was limited but it did show a strong positive reaction both to the concept (of regional cheese) and to the product.

On July 25th you will have received the first-ever processing interest payment from First Milk. This is the first significant step in the building of Capital Structures that reward you for investing in First Milk. We will invite you to approve a Capital Structure for First Milk at the AGM in November, and provide a comprehensive information pack well in advance of this to allow you to digest the detail and raise any questions you may have.