Milk Link, the UK dairy co-operative, posted a “satisfactory” lift in first-half profits today (17 November).
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For the six month period, profit before tax reached GBP4.9m (US$8.2m), an improvement on GBP1.4m in the previous year. The increase reflects the fact that last year’s figure bore the disposal of its Staplemead creamery, the company said.
Group turnover was down slightly to GBP271m from GBP278m in the prior year.
Earnings Before Interest, Tax, Depreciation and Amortisation (EBITDA), reduced from GBP17.5m in 2008 to GBP12.5m in the 2009 half. The figure reflects the higher relative milk price paid to members, the reversal of cheese stock profits and slightly lower cheese sales.
“I am pleased to be able to report that Milk Link performed satisfactorily in the first half of the current financial year despite the backdrop of a very challenging economic and trading environment,” Neil Kennedy, Milk Link chief executive said. “In the first half of the current financial year, in response to the highly challenging trading environment, we have taken and implemented a further series of difficult decisions to drive out costs from the business and improve our operational performance.
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By GlobalDataHe added: “We expect full year profits to be broadly in line with last year and, despite the difficult trading conditions, we believe we are well placed to strengthen our overall position within the market.”
