Australia’s oldest dairy co-operative, Norco, has announced a farm gate increase totalling $2 million for January to June 2021.
The farmgate price will lift to about 77 cents per litre.
Norco chairman Michael Jeffery said the continued strong results were a direct result of consumers continued commitment to supporting the 100 per cent Australian farmer owned Norco Co-operative and its ability to then continue to support its 297 farmer members across New South Wales and Queensland.
“I am pleased to say that we continue to be able to support our farmers with strong payments and it’s a credit to our loyal consumers who purchase Norco branded products and the co-operative’s management team who continue to drive activities in the business that allow us to provide additional payments to our farmers such as these,” Mr Jeffery said.
“Our management team, led by chief executive Michael Hampson, continue to rollout improvement activities and programs that are transforming the Norco business on a daily basis. It’s these activities and the teams’ commitment to delivering these that help provide significant benefits to our farmer members”.
This comes off the back of a record financial year where the co-operative posted an operating profit of $5.4 million for FY19-20, up from $1.2 million the previous financial year.
Norco chief executive Michael Hampson said his management team are focused on continuing to implement activities in the business that would allow its farmer members to reinvest in their own businesses.
“Norco is ultimately here for our farmer members, our team members and customers. It is the contributions of all of these people that allow us to continue to deliver strong milk prices to our farmer members and build on the sustainability of the industry, the community and the co-operative,” Mr Hampson said.
Mr Hampson said that the continued increase in consumer demand has allowed Norco to continue to build on its product range and availability of high quality dairy products.