November 25, 2008
Group EBITDA (our key measure of profit) increased by 14% to over £17.5 million
Group Profit before tax (before interest paid to Members and exceptional non-cash costs) increased by 24% to c. £9.3 million
Group turnover increased by 18% to £278 million
Financial & trading performance
Milk Link performed satisfactorily in the first half of the 2008/09 financial year:
• Group EBITDA in the first six months of the year was in excess of £17.5 million (07/08 H1 £15.3 million): up 14%
• Underlying profit before tax was c. £9.3 million (07/08 H1 c. £7.5 million): up 24%. This was before an exceptional non-cash charge relating to the sale of Staplemead and accruing of Membership Processing Interest Payment
• Group turnover was £278 million (07/08 H1 c. £236 million): up 18%
• Group turnover per litre was 41.8ppl (07/08 H1 33.8ppl): up 24%
• Group borrowings were up £5.3m year on year to £92.7m reflecting the increase in value of stock funding required (stock value has increased by £27.1m to £86.7m due to the increase in milk prices and a higher proportion of mature cheese required to serve our customer base)