First Milk records 'solid' financial results

Despite Brexit and Covid-19 uncertainties, First Milk is 'well-placed for the future', its chief executive says
Despite Brexit and Covid-19 uncertainties, First Milk is 'well-placed for the future', its chief executive says

Dairy co-operative First Milk has recorded a 'solid performance' for the year ending 31 March, including strong milk prices, turnover and profit.

In the group's Annual Report and Accounts, turnover increased by 4 percent to £282.8m, compared to £272.3m in 2019.

Operating profit was up 4% to £7.5m from £7.2m, and net debt was down 20 percent to £33.1m from £41.4m last year.

Meanwhile, the farmer-owned co-op's net assets grew 25 percent to £39.8m, up from £31.8m in 2019.



In the one year period, First Milk saw a relative milk price which continued to improve for its farmers.

Sustainability goals - the First4Milk Pledge - were launched. These include asking farmers to provide cows access to pasture for a minimum of 6 hours per day for 120 days.



The co-op also saw an 11 percent reduction in Co2 emissions year-on-year.

First Milk chief executive, Shelagh Hancock said the year ending 31 March 2020 saw the co-operative 'further strengthen its financial position'.

“Despite the uncertainties around the pandemic and with Brexit looming, First Milk is well-placed for the future."

She added that the business had 'strong collaborative partnerships' and the 'scale to be relevant' in the marketplace.

"Our vision for the future remains resolute – we are working together to deliver dairy prosperity,” Ms Hancock said.