First Milk UK dairy cooperative publishes financials
Group turnover rose 6% to £299.5m ($415m), while operating profit was up 8% to £8.1m ($11.2m). Net profit increased 24% to £5.6m ($7.8m).
The cooperative said its net bank borrowings stable at £33m ($45.8m), while capital investment was £7.8m ($10.8m).
The member premium increased to 0.5ppl from 0.25ppl in 2020, and First Milk also announced a commitment to net zero by 2040 and launched a regenerative agriculture program.
Chief executive, Shelagh Hancock, said, “In what was an extraordinary year, we were able to rapidly adapt and respond positively to the challenges we faced and continued to make good progress throughout the year. As a result, I am pleased to report increased turnover and operating profits, significantly increased capital investment at our sites, and continued progress in generating value for our members.
“As a co-operative business, we are committed to working together to regenerate the earth every day to enrich life and nourish future generations. We have seen 93% of our members voluntarily sign up to our First4Milk Pledge – a broader commitment to sustainable dairy including guaranteeing cows’ access to pasture and enhancing biodiversity. To this end, we have progressed our sustainability agenda at pace further this year, committing to Net Zero by 2040, launching an ambitious regenerative agriculture program with our members and embarking on a world-leading soil carbon assessment program.
“We have also committed to our largest capital investment program to date for the year ahead, which will see us invest £14.4m ($20m) in our sites to further improve operational capability. Overall, we have delivered promising progress and our vision remains clear – together, we will deliver dairy prosperity.”
