First Milk has today announced that member milk prices will increase by 0.52ppl from November 1, 2017.
This is on a manufacturing standard litre of 4.2% butterfat and 3.4% protein.
Commenting on the announcement, Nigel Evans, vice chairman and farmer director, said: “The returns from the milk market continue to strengthen and this, along with advances in the performance of the business, mean that we can deliver this additional milk price increase to our members, which will be welcome news.
“Looking to the future, we remain focused on driving efficiency and quality, generating value through strong, long-term customer partnerships to deliver competitive returns back to our members.”
First Milk has published its annual results for the year ending 31 March 2017, which showed the farmer owned co-operative delivering a net profit of £6 million.
The financial statistics also show that the group turnover was £206.5m, compared to £294.2m in 2016.
However, in 2016, First Milk made a net profit loss of £5.1m.
