First Milk releases results
Published 21 November 2007

First Milk has today announced its results for the year ending 31 March 2007. Highlights include:

• Turnover of £484m - up £8m on the previous year
• Pre-tax profit on ordinary activities (excluding exceptional charges) stands at £1.5m - down £2m compared to the previous year

In a press statement, the co-op says that it has made significant progress in its strategy to develop First Milk. It comments on the acquisition of Dairy Crests supermarket own label cheese business in September last year noting that although the acquisition impacted on financial performance, it has improved the structure of the business.

In addition, the statement gives an update on the proposed merger with Milk Link. It says that good progress is being made on the joint business plan which will be put forward to both boards who will decide whether to recommend it to their respective members.