Milk Link announces 3.3 million payment to members

The Milk Link Governing Board has approved a Member Processing Interest Payment relating to the 2009/10 financial year of 3.3 million, which equates to an 8.1% return on Members Qualifying Loan balances.  This industry leading return on Members investment will be paid into Milk Link Members bank accounts on 28 May 2010.

On average the Processing Interest Payment will be equivalent to c.0.35ppl across the total volume of milk supplied in the year and will mean that a typical Milk Link Member will receive a payment of over 2,000.

Commenting on the payment Neil Kennedy, Milk Links Chief Executive, said This is the fourth year in a row that we have been able to make a Processing Interest Payment to our Members and to date we have in total paid out in excess of 13 million to them.  The payment is a tangible reward for the investment and commitment of our Members in building a major, added value dairy products business.  It also demonstrates the solid performance of the business over the last 12 months despite the very difficult economic and trading conditions all in the dairy industry have faced.

The Processing Interest Payment follows on from our 0.5ppl increase in our Member milk price effective from the start of May and both reflect our commitment to maximising returns to our farmer Members.

Milk Links 2010 Annual Report & Accounts will be published in the week commencing Monday 7 June.

To date Processing Interest Payments totalling 13.75 million have been made to Milk Link Members, including the 2009/10 payment of 3.3 million (2008/09 4.1 million).