First Milk announces April milk price increase

 First Milk announces total returns to increase from April 1st 2019
First Milk announces total returns to increase from April 1st 2019

First Milk has announced that its standard litre milk price will increase by 0.25p per litre from April 1 2019 to 27.75ppl.

This equates to 28.68ppl for the British farmer-owned cooperative's manufacturing standard litre (4.2% butterfat and 3.4% protein).

This increase reflects First Milk’s commitment to pay a new member premium of 0.25ppl from April 1st to the majority of members who have reached their capital target.

The premium payment will be calculated and accrued monthly and paid as a lump sum in April 2020, and for future years will be decided annually by the board.

The premium will be adjusted based on each member’s achievement of their capital target.

Jim Baird, Vice Chairman and Farmer Director, said: “The markets remain uncertain but, despite this, we have been able to deliver these additional returns by delivering on our growth strategy.

“This additional member premium payment rewards our members for their loyalty, and we remain focused on continuing to develop our business to deliver long term prosperity for our members.”