First Milk has reported turnover and operating profit increases, with its turnover sitting at £476 million, up from £456 million in 2023.
The farmer owned cooperative has today (Thursday, August 29) published its annual financial and impact report for the year ending March 31, 2024, which also revealed an operating profit increase to £16.8 million, up from £5.1 million in 2023.
Capital investment across its sites has grown to £8.4 million, up from £7.4 million in 2023, and its total group capital and reserves increased to £58.5 million, up from £46.7 million in 2023.
First Milk
First Milk said its investments in the past year have focused primarily on adding strategic capability to the cooperative, to provide new ways to maximise value and returns for its members.
The acquisition of BV Dairy, a specialist in chilled dairy products based in Dorset, was completed in February 2024.
A new partnership was agreed with Yeo Valley, to create the Naturally Better Dairy Group, supplying a milk pool produced by regenerative dairy farmers in South-West England.
Capital expenditure increased 13.5% to £8.4 million, delivering operational improvements and completing the project at First Milk’s Lake District Creamery to produce specialist protein ingredients in partnership with Arla Food Ingredients.
First Milk chief executive, Shelagh Hancock, said: “Despite the wider economic and geopolitical challenges, I’m pleased to say that First Milk has delivered healthy performance in the last year and I’m confident we are well placed for the future.
“Our focus remains on developing and creating value for our members, helping deliver resilience against the many challenges we face.
“This year has seen us broadening our capability with capital investment to access the specialist protein market, and the strategic acquisition of BV Dairy, extending our market reach into the food service sector and product mix, into fermented products and creams.”
Regenerative farming
In addition, Hancock said First Milk members have made “great strides” in the last 12 months, scaling their regenerative farming practices with the support of its customers.
“I’m also encouraged to see regenerative farming becoming more widely understood and invested in across the UK food sector, with an increasing number of brands and retailers supporting its development.
“We remain confident that its tangible outcomes will help to solve the climate, nature and biodiversity crises and improve farm resilience and we are pleased to be leading in this area.
“Ultimately, our vision for the future is clear – we are working to enrich life every day to secure the future for our members, colleagues, customers and communities.
“We will do that by ensuring First Milk is a distinctive, regenerative farmer co-operative, efficiently producing great tasting, quality dairy products for our customers and consumers.”
