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Milk Link reports ‘solid performance’
Milk Link has announced its results for the year ended 3 April 2010.
Highlights
- Turnover increased from £547m in 2009 to £550m (+0.5%).
- Earnings before interest, tax, depreciation, amortisation (Ebitda) increased from £28.7m in 2009 to £29.2m (+1.7%).
- Profit before tax increased to £10.6m from £0.5m in 2009 (in part reflecting the strategic reviews which took place in the prior year, which led to exceptional charges of £9.6m).
- Operating cash flow was £39.7m, up from £23.9m (+66%).
- Net bank debt was only £4.8m higher than the prior year of £76.1m at £80.9m, despite the acquisition of the Llandyrnog Creamery for £25.6m during the year.
- Profit attributable to members was £10.1m.
- Processing interest payment relating to 2009/10 financial year was £3.3m representing an 8.1% return on members’ qualifying loans.
Milk Link has also announced a 0.75 pence per litre (ppl) increase in its member milk price effective from 1 July 2010. The increase means that Milk Link’s standard litre price for manufacturing milk will be 24.5ppl and for liquid milk 24.72ppl.
The latest increase follows a 0.5ppl rise in Milk Link’s member price from 1 May and the payment, at the end of May, of a £3.3m processing interest payment (equivalent on average to 0.35ppl) as a return on Milk Link members’ investment in their added value dairy processing business.
Source: Milk Link
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