Kerry suppliers will receive an additional 0.86c/l, excluding VAT, payment for 2023 milk supplies.

In January, Kerry announced it would pay a 0.95c/l, excluding VAT, top-up for milk supplied for the second half of 2023.

Kerry Group said the decision to issue the top-up was made following consultation with the board of Kerry Co-operative Creameries Ltd.

The payment will be made at Kerry average solids and on all qualifying milk solids supplied under the milk supply contract in 2023.

This payment to Kerry Group milk suppliers amounts to €10.5m in total, a statement sent from Kerry Group on behalf of both Kerry Group and Kerry Co-op said.

Leading milk price

Following the announcement of the top-up payment in January, Kerry Co-op said that its leading milk price committee would continue to work with Kerry Group to ensure that the "outstanding balance" in the milk price commitment was paid to suppliers in due course.

Speaking in at the time, Kerry Co-op chair James Tangney said: “While the milk production year has only ended and accounts for the year have yet to be completed, our members can rest assured that we will pursue our negotiations on the top-up payments needed to deliver a satisfactory final milk price for 2023."