First Milk

Have published their financial results for the year to 31st March 2018.  The key numbers are:

Members’ Capital Investment up £2.1m to £75.5m
Turnover up 22% to £252.7m (2017 - £206.5m)
Nett Bank Borrowings up 16% to £44.9m (2017 - £38.6m)
Nett Profit Down 47% to £3.2m (2017 - £6m)
Total Group Capital Reserves up 25% to 27.4m (2017 - £22m)

First Milk might still be in the bottom handful of milk purchaser’s standard litre milk price league tables but at least they have significantly narrowed the price gap and strengthened their position, in recent years.  Significant cost, especially overhead cost, has been stripped out under the captaincy of Shelagh Hancock and this reflects in the numbers.

First Milk’s membership milk has halved in recent years but for sure First Milk member moans are almost unheard of now and it’s an indisputable fact that with no sales and marketing team, due to the long term deal struck with Ornua, their focus is on making consistently high quality cheese with minimal downgrades and they appear to be succeeding at it.