South Caernarfon Creameries (SCC) Co-op announces it’s best year ever
Posted on: 23/07/21
The Co-op has recently announced an excellent set of financials with profits almost doubled in 12 months up from £1.8 million (2019-20) to £3.4m (+90%).
In addition SCC invested £2.2 million of capital into its facilities during the year.
With a healthy operating margin of 5.6% (something UK liquid processors can only fantasize about) the Co-op has decided to distribute to its 136 Farmer supplier members 23.5% of its profits totalling £806,000 in the form of 0.6ppl bonus.
This new bonus will be backdated to April 1st and thereafter announced annually each April as effectively a new 13th payment but payable monthly.
Following a board recommendation, the current 2ppl member share capital will be increased to 5ppl with the additional 3ppl initally coming from future bonus retentions following, which once the full 3ppl extra (5ppl total) is achieved members will be able to take the bonuses as cash payments.
SCC appear to be going from strength to strength and have recruited an additional 10 million litres of direct milk supply, starting in a few weeks time, in a bid to ramp up production to 23,000 tonnes of cheese a year by 2023 at the latest.