With effect from 1st January First Milk will be cutting the price for its manufacturing pool by 1.1 pence per litre and for its liquid pool by 1 pence per litre.
Chairman Sir Jim Paice MP commented:
"Unfortunately market indicators for core dairy products have declined further since the start of November. In order to put our milk prices in line with projected market returns, we need to reduce our milk prices further.
"During the last few weeks, the Board and myself have met more than 650 producers and their families at large and small meetings around our milkfields. We have been encouraged and humbled by the determination of members that we all work together to get through this current trough.
"We are working on a number of measures that will help us to manage future volatility and better align milk production and demand. We will make an announcement on this as soon as possible."
Notes to editors
About First Milk
First Milk is the UK's only major dairy company, 100% owned by British farmers. It supplies a wide range of dairy products and dairy ingredients to customers in both national and international markets including block cheeses, soft cheeses, raw milk, butter, skimmed milk powder, whey proteins and sports nutrition brands.
It is headquartered in Glasgow with seven manufacturing sites across England, Scotland and Wales.
First Milk's aspiration is to provide consumers with great-tasting nutritious food, while delivering value for every part of its farmers' milk. 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.
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.
For media enquiries, please contact:
head of communications
M: 07767 241507
M: 07984 349936