Norco has announced a drought support premium payment to Members / Milk Suppliers effective 1 October 2019 which will result in an average increase to the base milk price over the nine months to 30 June 2020 of five cents per litre.
This announcement is supported by the continued and detailed review of Norco’s performance year to date by the Directors and management team.
“The management team has, and continues to, deliver considerable improvements to the underlying profitability of the business as a result of the Business Activity Management Program being undertaken. These improvements are now providing a tangible benefit in the form of milk price to the owners of our proud Co-operative – the Members / Milk Suppliers,” Chairman Greg McNamara advised.
Norco’s newly appointed Chief Executive Officer Michael Hampson added “We continue to work on our business to ensure we can leverage support for our Members who are battling ongoing severe climatic conditions. It is very gratifying that our customers and consumers continue to recognise the value of supporting a 100% Australian farmer owned dairy co-operative and collectively we thank them for their great support.”
Source: NORCO 3 October 2019