UK - UK-based dairy co-operative First Milk has announced that its financial performance in the six months ended 30 September 2015 showed significant improvement compared to the previous year.
Operating profit for the first six months of the financial year was £1.1m compared to a loss of £7.6m for the same period last year.
It is anticipated that the results for the second six months to March 2016 will also show a positive operating profit - compared to an operating loss of £12.3m in second half last year.
The company's debt has also reduced, and at the end of September 2015 was £46.1m, compared to £60.7m as at March 2015.
First Milk CEO Mike Gallacher commented: "The actions taken to reduce costs, improve quality, and drive operational performance are delivering results, with further progress planned over the next year. We are confident that this will deliver improved milk prices and a more sustainable business model for our farmer shareholders.
"My team and I are very aware of how tough it is at present on farm and the need to sustain this improvement trajectory to deliver benefits to our members."
TheCattleSite News Desk