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First Milk reports another year of solid progress

17.09/2018

First Milk has today published its annual results for the year ending 31 March 2018, which shows a profitable business with a strengthening balance sheet that is growing.

The financial highlights include:        

  • Group turnover up 22 per cent to £252.7m (2017: £206.5m)
  • Net profit for the year of £3.2m (2017: £6.0m)
  • Capital investment of £3.2m across all our sites in the year
  • Total group capital and reserves up by £5.4m to £27.4m

Key operational highlights include:

  • Awarded Nestle Best Strategic Partnership award February 2018
  • New Chairman, Chris Thomas appointed 1 August 2018
  • Launched member ‘Next Generation’ programme in November 2017
  • Commenced major capital investment programme of £6.5m at Haverfordwest Creamery in March 2018

First Milk Chief Executive, Shelagh Hancock, commented:

“This second year of positive trading results demonstrates that First Milk is consistently delivering stable financial performance and making solid progress on strengthening and growing the business. Critically, we have done this whilst putting our farmer members back at the heart of the business and, most importantly, delivering improved returns to our members.  

Co-operative has a clear focus on future growth to deliver prosperity to members

“With strong foundations now firmly in place, First Milk is well-placed for future growth. As we look forward, our clear strategic focus is to drive profitable growth across our cheese and fresh milk businesses. We have embarked on significant capital investment at our sites to support the growing demand from our customers, enabling our members to increase milk production with confidence. Through the implementation of this growth strategy in the years ahead we will deliver prosperity for our members.”