NEWS

United issues bonus shares ahead of AGM
By Chris McCullough

AHEAD of next week's annual general meeting United Dairy Farmers has said it will be approving bonus shares allocation to members for the 2008/09 milk producing year.
As the milk processor released its annual results chairman Harold Hamilton said: "The past year has underlined the increasingly volatile nature of commodity dairy markets and given a renewed impetus to our strategy of developing Dale Farm’s cheese and whey business.
"We are confident that this approach will deliver the best long-term returns for United shareholders and the year ahead will see further investment in our processing capability in these areas.
"Based on the improvement in results over the previous year I am pleased that the board has approved an allocation of bonus shares totaling almost £1 million to members.
"This will be at the rate of one share per 1,000 litres of milk supplied to United in 2008/9, double the rate of the previous year."
United Dairy Farmers says it delivered a solid performance in its annual results for year ending March 31, 2009.
United’s group profit before tax increased to £4.4 million on a reduced group turnover which was nine per cent down at £333 million.
A strong consumer products performance in Dale Farm and falling costs more than offset losses incurred in commodity powder and a £1.25 million spend on providing support to alleviate low farmer milk prices in the last quarter of the financial year.

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October 16th 2009
October 9th 2009