First Milk has today (Thursday, August 17) published its annual report and accounts for the year ending March 31, 2023.
A key highlight is that of the company’s turnover, which is up by 38% to £456 million compared to £331 million in 2022.
Its average member milk price increased year-on-year by 14.4ppl meaning that an additional £105 million was paid out to First Milk members in the year.
The company’s operating profit remained at £5.1 million and its completed capital investment stands at £7.4 million.
Commenting on the results, First Milk chief executive Shelagh Hancock, said: “The last year has been tumultuous, with a roller coaster ride on milk prices and energy costs, creating challenges across the whole dairy supply chain, from farm to consumer.
“Yet, whilst these massively changing market dynamics have been challenging, the value we have in our secure contractual relationships meant that we were able to maximise the milk price paid to members as quickly as possible.
“Despite the volatile market conditions, our cheese business has continued to grow, we have completed a major investment at our Haverfordwest Creamery, and we have continued to progress our regenerative approach, receiving external acknowledgement of our progress through B Corp certification and the King’s Award for Sustainable Development.”
Hancock said she was confident that the company was on the right path and it is keen to secure the future.
Other highlights that First Milk noted in its annual report and accounts was its cheddar winning Supreme Champion at the 2022 Global Cheese Awards and its new partnership with Arla Foods Ingredients to produce a specialist whey powder.
