First Milk, the farmer-owned co-operative, has informed its members that its losses for the financial year ended March 2015 will be around £22m.

Recently appointed chief executive Mike Gallacher is doing a strategic review of the business.

It had reported a £3.5m pre-tax profit before exceptional items in the prior year.

Market round-up

John Swan Ltd sold 63 prime heifers in St Boswells yesterday to a top of 245p per kg and an average of 220.5p (-4.1p on the week), while 13 prime bullocks peaked at 246p and levelled at 222.6p (+4.5p).

In the rough ring 55 beef-type cows averaged 139.7p (-2.5p).

The firm also sold 1465 prime lambs to a top of £96 per head and 200p per kg to average £76.83 and 182.5p (-14.5p), while 132 hoggs levelled at £60.95 and 136.4p (-10.2p).

The 286 cast sheep forward saw heavy ewes sell to £105 for Texels and average £83.50, while light ewes peaked at £79 for Cheviots and levelled at £50.80.

Messrs Craig Wilson Ltd incorporated a show and sale of 84 prime Texel lambs into their weekly sale at Ayr yesterday. The championship went to a pen of three from Messrs J Dunn & Co, Martnaham Mains, Dalrymple that weighed 48kg and sold for £120 or 250p per kg. The reserve ticket went to Messrs G & M Wardrop & Son, South Craigton, Newton Mearns for a pen that averaged 42kg and fetched £85.

In the Commercial ring 1149 prime lambs sold to 195.1p and averaged 170.1p (-19.7p).

There were also 203 cast sheep forward when all classes were easier on the week, with ewes selling to £135.50 for Texels and £69 for Blackfaces.

Harrison & Hetherington Ltd sold 16 prime heifers in Carlisle yesterday to a top of 222.5p and an average of 206.3p (+14.9p), while 22 prime, beef-bred bullocks also peaked at 222.5p and levelled at 201.9p (+5.1p). Four prime, dairy-bred bullocks sold to 163.5p and averaged 159.5p (+2p).

Thirty-four prime, beef-bred bulls sold to 221.5p and averaged 190.8p (+8.4p), while 70 prime, dairy-bred bulls peaked at 183.5p and levelled at 151.4p (+10.2p).

In the rough ring 96 beef cows averaged 136.3p (+1.4p) and 196 dairy cows levelled at 112.5p (+2.3p). Six bulls averaged 122.2p (-13.5p).

The firm also sold 1569 prime lambs to a top of £102.80 and 219.3p to average 178.8p (-19.5p).

A small show of 128 cast sheep saw ewes sell to £104 for Texels and £74 for Swaledales.

Lawrie & Symington Ltd sold 16 prime heifers in Lanark yesterday to a top of 243p and an average of 228.3p (+1.2p), while 15 prime, beef-bred bullocks peaked at 232p and levelled at 207.2p (-2.1p). Twenty-nine prime, B&W bullocks sold to 167.5p and averaged 153.1p (+1.2p).

In the rough ring 36 beef cows averaged 134.2p (+4p) and 30 dairy cows levelled at 106.7p (+2.5p).