Glanbia is to pay 31cpl for April milk
Glanbia will pay its member milk suppliers 31cpl, including VAT, for April manufacturing milk supplies at 3.6 per cent butterfat and 3.3 per cent protein.
Based on current market returns, Glanbia Ireland (GI) will pay a base milk price for April of 29cpl, including VAT, for manufacturing milk at 3.6 per cent fat and 3.3 per cent protein.
In addition, Glanbia Co-op will make a support payment to members of 2cpl, including VAT, for April manufacturing milk at 3.6 per cent fat and 3.3 per cent protein.
The Glanbia Ireland base price and the co-op support payment will be adjusted to reflect the actual constituents of milk delivered by suppliers.
Henry Corbally, Glanbia chairman, said: “We are acutely conscious that adverse weather has made 2018 a very challenging year to date for our milk suppliers. As a result, the board has made a number of decisions that will boost cash flow for members.” The measures include, as announced on May 1, members will be entitled to avail of interest-free cashflow support from the 2018 Glanbia Advance Payment (GAP) Scheme; a payment of 26c per share of Share Interest (Special Dividend) will be paid to members on the share register at May 18; the board will recommend to the annual general meeting on May 30 a 30 per cent increase to 13c per share in the Share Interest (Ordinary Dividend), worth over €500 on average to milk supply shareholders; Glanbia Ireland will bring forward the payment of feed bonuses to participants in the Glanbia Milk and Feed Loyalty Scheme; Glanbia will make a support payment of €50 per tonne on all qualifying feeds purchased in April.