“Overall, the business made progress during the year to 31 March 2010,” said chairman Bill Mustoe. “Financially, we’re in a stronger position, with improved profitability, a sound balance sheet and reduced net debt.
“We have entered 2010/11 with an increased momentum to deliver change. A range of efficiency savings and better market returns has delivered profits ahead of target for the first quarter. This has allowed us to fund a number of increases in members’ milk price.
“We have also taken steps to restructure our executive team, including the appointment of a new chief executive in April, and are in the process of reshaping our board to ensure that we have broader commercial experience around the table.”
Source: First Milk
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