First Milk, the UK’s only major dairy company owned by British farmers, has announced financial results for the year leading to 31 March 2016.

The financial performance of the business improved significantly in the year to 31 March 2016 reflecting the results of the turnaround plan executed by the new management team, and the focus on delivering operational efficiencies and quality improvements in the core business.

“Overall we returned a modest operating profit in the year, compared to a large loss in the previous year – a £28.1m improvement,” Chairman Clive Sharpe said.

Milk prices continued to decline throughout the course of the year as a result of continued growth in global supply not matched by growth in demand.

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