First Milk, the farmer-owned cooperative headquartered in Glasgow, has brought its member payment terms back into line, completing the turnaround work in the business over the last two years.
With effect from 10th February, the deferral of member payment terms made at the end of 2014 will be reversed. Payments to members on 10th February will be a double payment, as they will receive six weeks money during February.
Clive Sharpe, chairman of First Milk said: “This move sends a clear signal on the progress made by First Milk and returns our payment terms to normal for our members. The Board recognises the huge role members have played in the turnaround of their co-op, and thank them for their continued support.”
CEO Mike Gallacher added: “Returning to our previous payment terms draws a clear line under the turnaround process for First Milk. We now need to concentrate on the future.
“First Milk is very different to the business of early 2015. We are a lean, focused and financially secure business capable of delivering a competitive milk price in the long term.”
First Milk has also confirmed that it has completed work on new long-term financing arrangements that will generate significant future savings versus current financing costs.
Market round-up
United Auctions sold 524 store heifers at Stirling on Wednesday to a top of 256p per kg and an average of 215.1p (+8.1p on the week), while 794 store, beef-bred bullocks peaked at 280.3p and levelled at 228.2p (+9.2p). Fifty-seven store, B&W bullocks sold to 173p and averaged 146.4p (-8.4p).
In the rough ring 197 beef cows sold to £1390 per head and 184.6p per kg to average 126.9p (+10.9p), while 27 dairy cows peaked at £945 and 115.1p to level at 98.1p (-8.9p).
C&D Auction Marts Ltd sold 6 prime heifers in Dumfries on Wednesday to a top of 230p and an average of 213.2p.
There were 77 OTM cattle presented in the rough ring when beef cows sold to £1052.70 and 149p to average 120.2p, while dairy cows peaked at £1004.40 and 132p to level at 105.9p.
The firm also sold 487 prime hoggs to a top of £83.50 per head and 196p per kg to average 170.7p (+13.2p).
A nice show of 320 cast sheep saw heavy ewes sell to £93.50 for Texels and average £66.14 (+£5.57), while light ewes peaked at £70 for Cheviots and levelled at £48.23 (+£6.28).
Messrs Craig Wilson Ltd sold 1147 prime hoggs in Newton Stewart on Wednesday to a top of £86 and 210.5p to average 168.4p (+12.3p).
There were also 295 cast sheep forward when ewes sold to £108 for Texels and £67 for Blackfaces.
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