UK dairy co-op Milk Link today (2 November) reported an increase in half-year sales and profits.
Milk Link posted profit before tax on a like-for-like basis of GBP10.8m (US$17.3m), for the six months to 1 October, up from GBP9.6m on the same period last year.
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EBITDA was GBP20.1m, down from GBP21.3m, although last year’s result included a member levy of GBP2.5m. From 1 April, the levy ended for the majority of Milk Link members and on a like-for-like basis, Milk Link said its EBITDA had increased 6.9%.
Turnover reached GBP311.8m, up 10.2% on the same period last year.
Milk Link chief executive Neil Kennedy said: “Despite a very difficult economic environment we continued to improve our financial, operational and trading performance in line with expectations.”
The group expects its full-year financial performance for this year to be in line with its budget and “ahead” of last year on a like-for-like basis.
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