In addition to previously announced increases of 0.6ppl in July and 0.5ppl in August, First Milk is increasing the milk price it pays to producers in its manufacturing pool by 1ppl from 1st of September, which will take the standard litre price to 31ppl.
Following previously announced increases of 0.5ppl in July and 0.5ppl in August, from the 1st of September the co-op is also increasing the milk price it pays to producers in its liquid pool by 0.2ppl, taking the standard litre price to 30.85ppl.
Bill Mustoe, First Milk chairman commented; "Returning cash to our owners remains central to everything we do and as a Board we have committed to keeping milk price under constant review and passing back returns as fast as we can.
"These latest moves have been made possible by a combination of securing additional returns from core markets and by diverting a greater proportion of our existing volume to our skimmed milk powder joint venture at Westbury, where returns have been strong.
"In simplest terms, businesses can follow two strategies: either commodity price leadership or added value. Our strategy is on the latter. We will drive better returns for our farmers through delivering great tasting, nutritious food for consumers, both in the UK and abroad.
"An example of this strategy in action is the recent launch of Lake District Dairy Co Quark. It is a product that delivers on a number of fronts - great taste, versatile, naturally low in fat, high in protein and low in salt and sugars, making it a healthy ingredient for a variety of dishes. The brand is already being stocked in over 1000 retail outlets and has also attracted international recognition by winning the Best Functional Dairy Product title at the Global Dairy Innovation Awards in Switzerland last month.
"We remain confident that this added value route positions us best to deliver sustainable returns for members as we manage volatile markets now and in the future."
Notes to editors:
• Farmers in First Milk's manufacturing pool see either all or part of their milk go to cheese manufacturing sites.
About First Milk
First Milk is the UK's only major dairy company owned by British dairy farmers.
As a business with a passion for innovation and sustainability, it is constantly seeking fresh ways of working with partners across the supply chain to drive pioneering solutions to industry challenges.
This has been supported through the recent acquisition of added value businesses, by rapid progress on launching new products and securing new customers in the UK and international markets.
For further information on First Milk, please visit www.firstmilk.co.uk or follow the company on Twitter @first_milk and YouTube www.youtube.co.uk/firstmilk1. A copy of First Milk's sustainability report is also available to download via its website - www.firstmilk.co.uk/sustainability/
For media enquiries, please contact:
Lee Truelove, head of communications, First Milk:
E: leetruelove @ firstmilk.co.uk T: 07767 241 507