British farmer-owned First Milk has today announced that it will be holding its current milk price for December 2017.
This follows four consecutive months of milk price increase.
Commenting on the announcement, Jim Baird, Farmer Director and Vice-Chairman, said: “This year, we have been able to return significant increases in milk price as a result of market conditions and ongoing improvements in our business performance.
“At the current time, however, world dairy commodity markets have stabilised and so the outlook for future market performance has started to soften. As a result of these developments, we have decided to hold milk prices at the current time.
“Our continued focus remains on driving efficiency and quality through our operations, building on our strong, long-term relationships to deliver competitive total returns 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.
