Steady profits and higher turnover at First Milk

Higher milk prices and inflation pushed First Milk’s annual turnover up by 38% for the year ending 31 March 2023.

Total turnover for the co-operative increased by £125m to £456m for the financial year, while operating profit remained at £5.1m, according to First Milk’s annual accounts.

The average milk price increased by 14.4p/litre year-on-year for its farmer members with an additional £105m being paid out to members in total.

See also: First Milk receives King’s award for enterprise

Chief executive Shelagh Hancock said the last financial year had been tumultuous, with a rollercoaster ride on milk prices and energy costs creating challenges across the whole supply chain.

“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,” added Ms Hancock.

In June, First Milk launched a new regenerative milk pool in south-west England called the Naturally Better Dairy Group.

The pool was established in partnership with Yeo Valley and pays its members a premium. This milk then goes into a range of Yeo Valley dairy products.