Australia’s oldest dairy co-operative has once again defied the economic uncertainty of COVID-19 to further boost farm gate returns to its farmer members
Norco have announced a farm gate increase totalling $2 million for January to June 2021.
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.
This additional farm gate increase is a welcomed result for the co-operative’s 297 farmer members who also benefited from a rise in milk payments during FY19-20.
Each member also shared in $17.1 million of much needed farm gate milk price increases compared to the previous financial year as they continued to recover from the crippling effects of drought and high costs of production.
Norco Chairman Michael Jeffery said the continued strong results were a direct result of consumers continued commitment to supporting the 100% 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,” said Mr Jeffery.
“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”.
“As a 100% Australian farmer-owned co-operative, every time a consumer picks up a Norco product they are directly contributing to the creation of a more sustainable future for our farmer members.
“It is co-operative premium payments such as this one that are a direct result of that support”.
“We are grateful to every one of our customers and consumers and their continued decision to support our 126-year-old, 100% Australian farmer owned Norco brand.”
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.
“We continue to encourage Australians to seek Norco products in the knowledge that these products support our Norco farmers and the sustainability of the dairy industry.
“Whether it be fresh milk, cream, cheese, custard, butter, ice cream or flavoured milk, we take immense pride in our selection of high quality, 100% Australian farmer owned products”.
For more information, go to: www.norco.com.au