First Milk has at the moment (Thursday, August 17) printed its annual report and accounts for the yr ending March 31, 2023.
A key spotlight is that of the corporate’s turnover, which is up by 38% to £456 million in comparison with £331 million in 2022.
Its common member milk worth elevated year-on-year by 14.4ppl which means that an extra £105 million was paid out to First Milk members within the yr.
The corporate’s working revenue remained at £5.1 million and its accomplished capital funding stands at £7.4 million.
Commenting on the outcomes, First Milk chief govt Shelagh Hancock, mentioned: “The final yr has been tumultuous, with a curler coaster experience on milk costs and power prices, creating challenges throughout the entire dairy provide chain, from farm to shopper.
“But, while these massively altering market dynamics have been difficult, the worth we’ve got in our safe contractual relationships meant that we have been in a position to maximise the milk worth paid to members as rapidly as doable.
“Regardless of the unstable market circumstances, our cheese enterprise has continued to develop, we’ve got accomplished a serious funding at our Haverfordwest Creamery, and we’ve got continued to progress our regenerative strategy, receiving exterior acknowledgement of our progress by B Corp certification and the King’s Award for Sustainable Improvement.”
Hancock mentioned she was assured that the corporate was on the best path and it’s eager to safe the long run.
Different highlights that First Milk famous in its annual report and accounts was its cheddar profitable Supreme Champion on the 2022 International Cheese Awards and its new partnership with Arla Meals Elements to provide a specialist whey powder.