UK dairy co-operative Milk Link today (9 June) said it recorded a “strong” annual performance as profits increased for the year.
Profit before tax increased to GBP10.6m (US$15.4m) during the 12 months to 3 April, compared to GBP0.5m a year earlier, when a review of the business led to exceptional charges of GBP9.6m.
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Turnover edged up 0.5% to GBP547m, while EBITDA increased 1.7% to GBP29.2m.
Chief executive Neil Kennedy said: “Despite extremely difficult trading conditions, particularly in relation to the cheese market where deep and sustained discounting by the major cheddar brands eroded value from the market, the group’s financial performance was strong.”
Looking forward, over the next 12 months, Kennedy said the trading and economic environment will continue to be “extremely challenging”, whilst global dairy commodity markets will remain “highly volatile”.
Click here to view Milk Link’s full earnings release.
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