British farmer-owned co-operative First Milk has announced a group turnover increase of 7.8 percent to £272.3m for 2019.
The group has published its Annual Report and Accounts for the year ending 31 March 2019.
The report highlights financial areas such as group turnover, operating profit and cash generation.
Financial highlights include group turnover up 7.8 per cent to £273.3m (2018: £252.7m).
It shows an operating profit for the year stable at 2.6% of turnover, net debt down by £3.8m year-on-year and net assets up by £4.4m year-on-year.
The report also describes that a 'relative milk price is continuing to improve' and highlights the launch of its First4Milk responsible sourcing programme.
Chief Executive, Shelagh Hancock, said the co-op has a 'strong platform in place' for its farmer-owners.
“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.
“We remain clear that prosperity comes from building demand, growing capacity and securing supply – in that order.”
She added: “The dairy world is changing fast; economically, socially, technologically and 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.”
