Publication of First Milk’s annual report and accounts for the year ending March 31 has revealed a year of strong performance for the processor.
Figures highlighted group turnover was up by four per cent to £282.8 million, with operating profit up four per cent to £7.5m and net debt down 20 per cent to £33.1m.
The processor also reduced CO2e emissions by 11 per cent year-on-year and saw their new share trading platform trade more than 3m shares.
Chief executive, Shelagh Hancock, said: “The year ending March 31, 2020, saw us deliver business growth and development, further strengthening our financial position, while continuing to return value to our farmer members, who own the business.
“We have also launched our First4Milk Pledge – a broad commitment to sustainable dairy and a celebration of the leading standards on our members’ farms.”
Despite uncertainties about the Covid-19 pandemic and Brexit, Ms Hancock added the processor remained well-placed for the future, with strong collaborative partnerships and the scale to be relevant in the market place, while remaining agile and adaptable.
“Our vision for the future remains resolute – we are working together to deliver dairy prosperity,” she said.