First Milk, the farmer-owned co-operative, has posted pre-tax profits for the year to March 31 of £13.3million (2011: £7.2m) on group turnover of £579m (2011: £573m).
Of those profits, £9.6m was down to the sale of a 10% shareholding in Wiseman Dairies for £28m.
Net bank debt rose £3m to £47m. Net debt rose during the year, mainly as a result of increased stocks required to facilitate the growth in the sales of the Lake District Cheese brand, investments at the manufacturing sites and the acquisition of Kingdom Cheese and Kingdom Dairies, but reduced in February 2012 following the sale of the Wiseman shares.
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