FARMER-owned co-operative, First Milk, has delivered a healthy performance, according to its Annual Financial and Impact Report for the year ending March 31, 2024, published yesterday.

Turnover and Operating Profit for the co-operative, owners of the Lake District Creamery at Aspatria, have increased, whilst the business has continued to drive capital investment and completed the strategic acquisition of BV Dairy during the year, broadening its customer base and product range.

Key highlights: Turnover grown to £476m (2023: £456m); Operating profit increased to £16.8m (2023: £5.1m); Capital investment across sites of £8.4m (2023: £7.4m); Total group capital and reserves increased to £58.5m (2023: £46.7m).

Capital expenditure increased 13.5 per cent to £8.4 million, delivering operational improvements and completing the project at our Lake District Creamery to produce specialist protein ingredients in partnership with Arla Food Ingredients.

Shelagh Hancock, Chief Executive, said: “Despite the wider economic and geopolitical challenges, I’m pleased to say that First Milk has delivered healthy performance in the last year and I’m confident we are well placed for the future.

"Our focus remains on developing and creating value for our members, helping deliver resilience against the many challenges we face.

"This year has seen us broadening our capability with capital investment to access the specialist protein market, and the strategic acquisition of BV Dairy, extending our market reach into the food service sector and product mix, into fermented products and creams.

“In addition, our members have made great strides in the last 12 months scaling their regenerative farming practices with the support of our customers.

"I’m also encouraged to see regenerative farming becoming more widely understood and invested in across the UK food sector, with an increasing number of brands and retailers supporting its development.

"We remain confident that its tangible outcomes will help to solve the climate, nature and biodiversity crises and improve farm resilience and we are pleased to be leading in this area.”