First Milk reduces prices from 1 December 2015:
• -0.43ppl for creamery pools & Northern England pool
• -0.30 for Scotland pool
• No change for Midlands pool
Interim Chairman Nigel Evans commented:
"Last week we provided updates on the improving financial performance of the business and the agreement to sell our Glenfield Dairy. However, with growing supplies across the EU, prices for cheese have continued to weaken and this impacts our projected returns from December. This directly affects our creamery milk pools and those other pools whose milk is utilised mainly for cheese.
"Obviously as a dairy farmer, I fully appreciate how serious the current market conditions are for member's businesses. The impact of weak returns and excess milk volumes are being felt around the world. As interim chairman, I am focusing on the things we can influence, which are ensuring First Milk continues to improve both its financial and operational performance and reshaping our governance structure to deliver a more commercially effective board."