Dairy co-operative First Milk has reported an increase in turnover and operating profits for the year ending 31 March 2021.
In the group's annual report and accounts, turnover increased by 6 percent to £299.5m, compared to £282.8m in 2020.
Operating profit was up 8 percent to £8.1m from £7.5m, and net profit was up 24 percent to £5.6m.
Meanwhile, the farmer-owned co-op's member premium increased to 0.5ppl compared to 0.25ppl last year.
In the 12 month period, it announced a commitment to net zero by 2040, and launched a new regenerative agriculture programme.
First Milk also committed to its largest capital investment programme to date for the year ahead, which will see them invest £14.4m in sites to improve operational capability.
Chief executive Shelagh Hancock said the year ending 31 March 2021 saw the co-operative 'rapidly adapt and respond positively to challenges'.
"I am pleased to report increased turnover and operating profits, significantly increased capital investment at our sites, and continued progress in generating value for our members," she said.
“As a co-operative business, we are committed to working together to regenerate the earth every day to enrich life and nourish future generations."
She added: "We have seen 93% of our members voluntarily sign up to our First4Milk Pledge – a commitment to sustainable dairy including guaranteeing cows’ access to pasture and enhancing biodiversity.
"We have progressed our sustainability agenda at pace further this year, committing to net zero by 2040, launching an ambitious regenerative agriculture programme with and embarking on a world-leading soil carbon assessment programme."
