First Milk, a leading UK dairy cooperative, has reported substantial growth in turnover and operating profit for the year ending March 31, 2024. The cooperative’s strategic investments, including the acquisition of BV Dairy and a new partnership with Yeo Valley, highlight its commitment to enhancing value and sustainability in dairy production. The increase in capital investment and focus on regenerative farming practices underscore First Milk’s dedication to supporting farmers and producing high-quality dairy products.
First Milk, a leading UK farmer-owned dairy cooperative, has unveiled its annual financial results for the year ending March 31, 2024, showcasing significant growth. Established to bolster dairy farmers across the nation, First Milk is dedicated to enhancing the value and sustainability of dairy production. The cooperative achieves this through strategic investments, acquisitions, and partnerships, all while promoting regenerative farming practices. The latest financial and impact report highlights a notable increase in both turnover and operating profit, reflecting the cooperative’s commitment to supporting farmers and ensuring the production of high-quality dairy products.
Financial Highlights:
| Metric | 2024 | 2023 | Change |
| Turnover | $587 million | $567 million | +$20 million |
| Operating Profit | $21.2 million | $9.5 million | +$11.7 million |
| Capital Investment | $10.5 million | $9.2 million | +$1.3 million |
| Total Group Capital | $72.7 million | $59.2 million | +$13.5 million |
Key Investments and Developments:
Over the past year, First Milk has made significant investments aimed at enhancing its strategic capabilities. Noteworthy developments include:
- BV Dairy Acquisition: Completed in February 2024, this acquisition involves BV Dairy, a specialist in chilled dairy products based in Dorset.
- Naturally Better Dairy Group Partnership: A new collaboration with Yeo Valley to create a milk pool from regenerative dairy farmers in South-West England.
- Increased Capital Expenditure: Up by $10.5 million, focusing on operational improvements and completing a project at First Milk’s Lake District Creamery. This project, in partnership with Arla Food Ingredients, is designed to produce specialist protein ingredients.
Future Outlook:
Shelagh Hancock, Chief Executive of First Milk, expressed optimism about the cooperative’s performance despite external challenges. “We are committed to developing and creating value for our members while enhancing resilience against various challenges,” Hancock noted.
Hancock also highlighted the progress in regenerative farming practices among First Milk members, with increased support and investment from the UK food sector. She emphasized the cooperative’s role in addressing climate and biodiversity issues while improving farm resilience.
Looking ahead, First Milk aims to continue enriching lives by producing high-quality dairy products through its distinctive regenerative farming approach. The cooperative is dedicated to securing a prosperous future for its members, colleagues, customers, and communities.
