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.
Key operational highlights include debt re-financing, which was completed on a new 4-year facility with Wells Fargo, which helped First Milk lower costs.
The group was also awarded a new long-term contract for fresh milk supply to Nestlé UK and Ireland, and an agreement of long-term cheese supply partnership with Tesco and Ornua Foods.
First Milk Chairman, Clive Sharpe said that over the last two years, First Milk has "transformed".
“We have put in place a new business strategy, divested loss-making subsidiaries, improved our operational performance and implemented an effective co-operative governance structure,” Mr Sharpe explained.
“The transformation of our business is complete and, as a result, First Milk today is now a more focused and financially secure business.
“This is demonstrated through these significantly improved financial results and, most importantly, through our ability to increase milk prices to our farmer members ahead of the market during the last financial year.”
