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First Milk cuts prices in response to market

Milk price reductions for May have been announced by First Milk.

While the co-op has been busy outlining to members nationwide, the progress in its business turnaround, it says the market has weakened further.

 

Consequently, said a spokesman, as a result of falls in the market mechanism that governs its returns, price changes need to be implemented.

 

The May price changes:

  • -0.66ppl for the four creamery milk pools, plus the Northern England pool (Haverfordwest now 17.18ppl – includes Tesco bonus circa 0.66ppl); Lake District 16.40ppl; Northern England 16.14ppl.)
  • -0.61ppl for the Scottish Mainland and Bute pools (Scottish Mainland now 16.22ppl)
  • -0.72ppl for Midlands and East Wales pool (now 15.66ppl)

The cuts follow similar announcements by Muller and Dairy Crest last week.

 

Read more here: Muller and Dairy Crest announce June price cuts

 

Last week First Milk chief executive Mike Gallacher told members the business was expecting to deliver an operating profit (before restructuring costs) of £4 million for the year to March 31, versus a loss of £20m for the previous year.

 

The debt of the business had reduced to £33m from a peak of £84m in 2014/15.

 

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