Milk Link reports year of solid growth and development

Ronnie Bell, Milk Link chairman explained more: "We have remained focused on continuing to improve returns to our members through maximising the value of every litre of milk they produce and every pound they invest in the business." Turnover increased from £523 million in 2008 to £547 million in 2009 and pre-tax profits came in at £10.1 million, up 13.5% on 2008. Bell added: "Despite a very challenging economic and trading environment, the year was one of solid growth and development for Milk Link. Looking forward, trading conditions will continue to be extremely difficult throughout the next financial year. This will result in both challenges and opportunities as increased market pressures impact on returns and accelerate the need for market rationalisation and consolidation." Neil Kennedy, chief executive of Milk Link said: "Financially and commercially we have become stronger. Whilst structurally, we have taken steps to refocus and realign the business to enable it to handle the economic downturn and considerable pressures and volatility being experienced in the dairy industry. "Despite a sustained fall in dairy commodity prices, the Group's financial performance was strong. This reflected: the strengthening of our customer and product mix; our continued emphasis on driving out costs and improving efficiencies across the business; and our rigorous approach to cash and stock management. "The considerable downward pressure and volatility we are witnessing in the market comes at a time when the confidence of all dairy farmers is still very fragile. As such, as a farmer owned co-operative, we will continue to do everything in our control to minimise the impact on our Members; and will strive to improve Member returns and further improve our relative milk price building on the progress made in the last year."