Business
First milk reports robust growth and strategic advances in latest financial year
FIRST MILK, the farmer-owned co-operative with a creamery in Haverfordwest, has announced a successful financial year, marked by competitive returns for its members and significant strategic developments aimed at securing future growth. The co-operative’s Annual Financial and Impact Report for the year ending March 31, 2024, highlights a notable increase in both turnover and operating profit, reflecting the company’s ongoing commitment to driving value for its members.
During the period, First Milk’s turnover rose to £476 million, up from £456 million in the previous year, while operating profit saw a substantial jump to £16.8 million from £5.1 million in 2023. These financial gains have been accompanied by continued capital investment across the business, which totalled £8.4 million, a 13.5% increase from the previous year’s £7.4 million. This investment has primarily focused on enhancing First Milk’s strategic capabilities, enabling the co-operative to maximise value and returns for its members.
A key development in the past year was the acquisition of BV Dairy, a specialist manufacturer of chilled dairy products based in Dorset. Completed in February 2024, this acquisition broadens First Milk’s customer base and product range, positioning the company strongly in the growing markets of food manufacturing, food service, and sectors such as home meal solutions and gut health. BV Dairy’s extensive customer network across Great Britain adds a comprehensive end-to-end solution to First Milk’s service offerings.
Additionally, First Milk has entered into a new partnership with Yeo Valley to form the Naturally Better Dairy Group. This collaboration aims to supply a dedicated milk pool produced by regenerative dairy farmers in South-West England, further underscoring First Milk’s commitment to sustainable and environmentally-friendly farming practices.
The co-operative’s ongoing dedication to regenerative farming is evident, with 96% of its 700 members now implementing regenerative action plans on their farms, covering 98% of its member milk pool. These plans focus on improving soil health, enhancing biodiversity, and sequestering carbon. The number of positive interventions on member farms increased by 59.5% year-on-year, with 261,340 interventions recorded across 84,623 hectares of land. On average, each parcel of land under First Milk’s stewardship will benefit from 11 regenerative interventions this year, up from seven the previous year.
Shelagh Hancock, Chief Executive of First Milk, expressed her satisfaction with the co-operative’s performance despite the challenging economic and geopolitical environment. “I’m pleased to say that First Milk has delivered healthy performance in the last year and I’m confident we are well placed for the future,” Hancock stated. “Ultimately, our vision for the future is clear – we are working to enrich life every day to secure the future for our members, colleagues, customers, and communities.”
The report underscores First Milk’s resilience and strategic foresight, as it continues to invest in its members and operations, laying the groundwork for sustained growth and success in the years to come.
CARDIGAN Curiosities has won the St David’s Day shop window award for the Cardigan division, an accolade presented by Menter Iaith Ceredigion.
High Street businesses and Guildhall shops embraced the festivities, decorating their windows in a vibrant display to celebrate the national day of Wales and the arrival of spring. The event, which highlighted the Welsh language, saw enthusiastic participation from across Ceredigion.
To mark the occasion and show appreciation for the community, Cardigan Curiosities is offering the chance to win an exclusive piece of local artwork. The prize is a one-of-a-kind watercolour painting of the nave of St David’s Cathedral, created by a Pembrokeshire artist. The framed artwork measures 74×95 cm.
To enter the competition, participants must:
- Visit the Cardigan Curiosities Facebook or Instagram page
- Like the competition post
- Comment with their favourite Welsh word
The winner will be drawn on March 20 by “Ddraig Goch” from inside a dragon egg, with the announcement made that evening on social media.
For those interested in viewing the artwork or the decorated shop window, Cardigan Curiosities is located at 32A Cardigan High Street and is open Thursday to Sunday, from 10:00am to 5:00pm.
CREATIVE WEST WALES and Pembrokeshire’s Business Team will join forces at a drop in session this month to celebrate and support the region’s amazing creative industries.
Established companies, freelancers or those considering a new start-up, are invited to visit the Bridge Innovation Centre, Pembroke Dock on Friday, 28th March, 9am to 12pm to find out what business support is available from a range of organisations including Pembrokeshire County Council, Business Wales, FSB and Visit Pembrokeshire.
A networking session will offer a chance to meet fellow creatives, explore potential collaborations, and meet representatives from Yr Egin, Creative Wales and the Creative West Wales Network to find out more about assistance available for talented people in the West Wales area, especially those in the music, screen, gaming, publishing and animation sectors.
Pembrokeshire County Council’s Creative Industries Officer Anwen Baldwin said: “There is a wealth of creative talent in this area which should be celebrated and supported.
“We host a popular Business Drop In event on the last Friday of each month. It’s great to be able to focus on the creative industries this month and offer an opportunity to find out more about what support is available, discuss challenges and network with other local people from these sectors.”
If you would like to showcase your work during this event please email anwen.baldwin@pembrokeshire.gov.uk
Refreshments available, register via Eventbrite Digwyddiad Galw Heibio i Fusnesau / Drop In Business Support & Networking Tickets, Multiple Dates | Eventbrite
CELTIC FREEPORT AT MILFORD HAVEN AND PORT TALBOT TO DRIVE UK ECONOMIC GROWTH MISSION
THE CELTIC FREEPORT has been officially launched, bringing significant inward investment to South West Wales and taking a major step towards creating thousands of new jobs, the Welsh Government announced this week.
It also re-affirmed its commitment to £26 million of UK Government investment.
The freeport, covering the ports of Milford Haven and Port Talbot, is set to play a crucial role in the UK’s clean energy future. It spans multiple industries, including clean energy developments, fuel terminals, power generation, heavy engineering, and the steel sector.
Businesses operating within the freeport area will benefit from substantial UK and Welsh Government tax breaks and customs exemptions to encourage investment. The initiative is expected to attract £8.4 billion in private and public investment, generate 11,500 new jobs, and contribute £8.1 billion in economic value (GVA) to the region.
The freeport was launched at an event in Cardiff, attended by Secretary of State for Wales Jo Stevens and Rebecca Evans, Cabinet Secretary for Economy, Energy and Planning.
“Significant step towards a renewable energy superpower”
Jo Stevens, Secretary of State for Wales, said: “This Government has a Plan for Change focused on delivering economic growth and ensuring the UK becomes a renewable energy superpower. This announcement is a significant step towards achieving those ambitions.
“The Celtic Freeport will create up to 11,500 well-paid, highly skilled jobs and could leverage up to £8.4 billion in investment.
“The UK Government has committed £26 million to the freeport, alongside significant incentives from both the UK and Welsh Governments. I am very pleased to see two governments working in partnership to deliver for the people of Wales.”*
“A vital cog in the UK’s low-carbon economy”
Rebecca Evans, Welsh Government Cabinet Secretary for Economy, Energy and Planning, said: “The official opening of the Celtic Freeport sends another clear signal to the world that the industrial heartlands of South Wales are a vital cog in the UK’s low-carbon economy.
“We are already seeing real enthusiasm across the region and beyond to capitalise on the skills and job opportunities that this new industrial age will provide. The Welsh Government will be at Celtic’s side, offering major tax reliefs to attract business investment.
“The Freeport will also be able to use future non-domestic rates revenues to fund vital infrastructure and skills projects, benefiting Port Talbot and Milford Haven for generations to come.”
Freeport projects already making progress
Following the successful launch, Luciana Ciubotariu, CEO of Celtic Freeport, highlighted the rapid progress of key projects: “The Celtic Freeport is making significant strides forward with milestones such as planning consents for LanzaTech’s sustainable aviation fuel production plants, RWE’s Pembroke Green Hydrogen plant, and the launch of the Milford Haven CO₂ Project.
“Other major developments include H2 Energy and Trafigura’s West Wales Hydrogen project securing a hydrogen CfD, Haush establishing a green energy HQ, and the approval of wind turbine developments to expand Dragon Energy’s Renewables Park.
“These initiatives, alongside investments in battery energy storage by RWE and port infrastructure at Port Talbot, are accelerating South Wales’ reindustrialisation and driving a decarbonised economy rich in evolving and new industries.”
A cleaner, greener future
The Celtic Freeport aims to establish a green investment and innovation corridor, driving inward investment, skills development, and national decarbonisation. Key focus areas include:
- Floating offshore wind (FLOW) in the Celtic Sea
- Hydrogen economy and sustainable fuels
- Carbon capture and storage
- Cleaner steel production
- Low-carbon logistics
As one of 12 Freeports across the UK, the Celtic Freeport will play a pivotal role in the UK Government’s Growth Mission, supporting the transition to green industries and creating thousands of high-quality jobs for local communities.
(Cover image: Secretary of State for Wales Jo Stevens – Speaking at the Celtic Freeport event in Cardiff)
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