Milk price decisions released this week show July prices dropped on average by over 1c/litre compared with June prices. This effectively takes the average base milk price for Irish dairy farmers under 26c/litre when you exclude VAT and transport costs. The cuts to July milk prices, announced by processors over the last 10 days, are summarised in Table 1 and most processors decided to cut prices again, with the exception of Carbery in west Cork. All processors are supporting milk prices to some extent, with some more than others.
Milk price decisions released this week show July prices dropped on average by over 1c/litre compared with June prices. This effectively takes the average base milk price for Irish dairy farmers under 26c/litre when you exclude VAT and transport costs.
The cuts to July milk prices, announced by processors over the last 10 days, are summarised in Table 1 and most processors decided to cut prices again, with the exception of Carbery in west Cork. All processors are supporting milk prices to some extent, with some more than others.
Kerry milk prices have been in the lower divisions of the monthly milk leagues all year and while it held May price for June, it has announced the most severe July cut of 2c/litre for July milk deliveries. Aurivo also cut by 2c/litre. Dairygold and Arrabawn cut by 1.5 c/litre for July. Glanbia, Tipperary Co-op and Lakeland Dairies cut July base price by 1 c/litre.
Strong Glanbia results
Glanbia’s group revenue for the half-year was up 4.4% on a reported basis to €1.9bn. However, on a constant currency basis, overall revenues are back 8.4%. Reported adjusted earnings per share increased 25.1% to 40.6c, while reported earnings (EBITA) increased 22.5%. On a constant currency basis, earnings increased 3.5%.
There was further margin growth across the business, up 110 basis points compared with the same period last year.
An interim dividend of 4.88c per share was recommended, which is an increase of 10% on the previous year.
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