Glasgow, UK – September 2024 – First Milk, a leading UK dairy co-operative, has announced its 2024 annual results, highlighting robust financial performance, strategic acquisitions, and significant progress toward its sustainability goals. The company reported a turnover increase of 4%, reaching £476 million, alongside strong capital investment and net asset growth, solidifying its position in the dairy industry.
First Milk saw its turnover grow from £456 million in 2023 to £476 million in 2024. Despite global market volatility and fluctuating milk prices, the company’s focus on high-value products, particularly cheese and whey co-products, contributed to its strong performance. Additionally, the company made £8.4 million in capital investments, a strategic move to enhance operations, particularly at its Lake District Creamery. Net assets rose to £58.5 million, reflecting a year of effective financial management.
In a significant move, First Milk completed the acquisition of Dorset-based BV Dairy in February 2024. The acquisition expands First Milk’s product range beyond cheese, adding specialist chilled dairy products to its portfolio. The integration of BV Dairy opens new customer channels and strengthens the company’s market position.
First Milk also continued to develop key partnerships with major brands such as Ornua, Nestlé, and Yeo Valley, focusing on sustainable practices and regenerative farming. The Nestlé Regenerative Milk Plan and Yeo Valley’s “Naturally Better Dairy Group” are examples of how First Milk is leading the charge on sustainability in the dairy industry.
As a certified B Corporation, First Milk has set ambitious targets for reducing its environmental impact. The company is committed to achieving net zero carbon emissions by 2040, with interim goals to reduce farm-level carbon footprints by 50% by 2030. First Milk’s regenerative farming programme saw major progress, with over 261,000 interventions across more than 84,000 hectares, focusing on soil health, species diversity, and sustainable livestock integration.
In recognition of these efforts, First Milk received the King’s Award for Enterprise in Sustainable Development, one of the UK’s most prestigious honors.
In 2024, First Milk invested heavily in its people, completing nearly 3,000 hours of employee training and achieving accreditation as a Real Living Wage employer. The company also launched the “Empower Me” program to foster leadership among its female employees, with 10 women completing the course.
The company’s charitable efforts raised over £71,000 for the Motor Neurone Disease Association, demonstrating First Milk’s strong community commitment.
Despite global economic and geopolitical challenges, First Milk remains focused on its long-term vision. CEO Shelagh Hancock stated, “We are committed to building resilience through sustainable practices, innovation, and partnerships. Our performance this year demonstrates our ability to adapt and grow while staying true to our co-operative values.”
With growing demand for sustainably produced dairy products, First Milk is well-positioned to continue its growth trajectory while leading the dairy industry’s response to climate and environmental challenges.
For more information, please visit First Milk’s website (www.firstmilk.co.uk) or contact their press office at [email protected].