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First Milk continues to strengthen

30.07/2019

First Milk has published its Annual Report and Accounts for the year ending 31 March 2019

First Milk has published its Annual Report and Accounts for the year ending 31 March 2019, which continue to deliver across the key financial areas of turnover, operating profit and cash generation, resulting in a further strengthening of our balance sheet. Key highlights include:

  • Group turnover up 7.8% to £272.3m (2018: £252.7m)
  • Operating profit for the year stable at 2.6% of turnover
  • Net debt down by £3.8m year on year
  • Net assets up by £4.4m year on year
  • Relative milk price continuing to improve
  • First4Milk responsible sourcing programme launched
  • Introduction of member premium to reward members for loyalty

Commenting on the results, Chief Executive, Shelagh Hancock, said:

“Over the last twelve months we have been focused on further strengthening and developing the business, with stable financial performance, efficient manufacturing, strengthened commercial relationships and, crucially, improved returns to members.

“With a strong platform in place, we are committed to maximising the value that we return to our members. We remain clear that prosperity comes from building demand, growing capacity and securing supply – in that order. The dairy world is changing fast; economically, socially, technologicallyand politically. We will continue to be agile and adaptable, broadening our base and collaborating to deliver optimal supply chain solutions that deliver benefit for our members and our customers.”

ENDS