First Milk delivers a positive set of Year End Results

In its accounts and Annual report for the year end 31^st March 2022 the Co-op has delivered profitable growth in conjunction with its largest capital investment programme as well as an improved balance sheet.

 

Notable take outs from the report are:

• Operating profit down 37% to £5.1m, impacted by inflation and speed of recovery
• Group turnover up 11% to £331m through both volume growth and increased value
• Net asset value increased by 28% (£10.6m) to £48.7m as a result of ongoing delivery of profit, improved pension position and capital expenditure
• Capital investment doubled to £14.9m
• New long-term contracts secured with its two largest customers, Ornua and Nestlé
• Net debt increased to £43.4m facilitating capital investment to build long-term resilience
• 96% of milk volume signed up to Regenerative Farming Programme