2013-11-06  facebook twitter rss

NMR Reports Interim Results and Appoints New Directors

National Milk Records plc, the ISDX-quoted leading supplier of dairy and livestock services, has released its interim results for the six months ended 30 September 2013.

Following its AGM and Board meeting held on October 28, 2013, it has also appointed two new executive directors to its main Board; Jonathan Davies and Ben Bartlett, with immediate effect.

Ben Bartlett and Jonathan Davies

Ben Bartlett and Jonathan Davies

Key highlights in the interim results are:

  • 60% increase in operating profit to GBP657,000 resulting from consolidation of testing facilities

  • Increased turnover from expanded testing capabilities such as milk pregnancy testing

  • Increased profit and turnover within NML

  • Irish milk testing joint venture iML is now profitable with a 37% increase in turnover

  • Balance sheet deficit has more than halved since March 2013 due to profitable trading and improved macro economic conditions for pension funds generally as demonstrated by a FRS17 calculation updated for 30 September 2013

Reduced interest payments due to repayment of loans during the period
Commenting on the results, NMR Board Chairman Philip Kirkham says: “Once again, we are reporting an increase in our turnover and profits for the first six months of our 2013 financial year, which provides us with a solid foundation for our full year financials. These positive results are testament to improving macro conditions in the dairy sector, and also endorse our on-going operational efficiency following our re-structure which was reported in our final results for the year to 31 March 2013.

“We are also focussed on expanding our suite of products to facilitate growth. The latest innovation to be added to our testing capabilities is the testing of milk recording samples for pregnancy. This has been very well received and we look forward to rolling this out further across our customer base in the coming months.”

The NMR Board also agreed the appointment of two new executive directors; Jonathan Davies and Ben Bartlett with immediate effect.

Jonathan and Ben both joined the NMR Group in 1997. “Their unrivalled knowledge of the dairy industry and NMR’s operations will be highly valuable to the Company as we broaden our operations,” says NMR managing director Andy Warne. “They both provide a strong insight into the challenges and macro-environment affecting the dairy industry which is a great asset to the Board as we focus on developing our milk recording, dairy management and quality disease testing capabilities to meet industry demands right through the production chain.”

Jonathan Davies studied at the Welsh Agricultural College, Aberystwyth and then gained a diploma in surveying at the University of Reading. He is a member of the Royal Institution of Chartered Surveyors and a Fellow of the Central Association of Agriculture Valuers. Based in south Wales, he runs a small herd of Hereford and Welsh Black Cattle in his spare time.

He has held positions with Genus Management and with the Milk Marketing Board then with Milk Marque as quota agency manager. He is currently national field and marketing manager, responsible for a team of more than 400 recorders and area business and sales managers.

Ben Bartlett holds a degree in agricultural economics from the University of Reading and a diploma in management studies from De Montfort University. He has held roles as an economist with the then Ministry of Agriculture, Fisheries and Food in Whitehall, London and with the Meat and Livestock Commission.

He is currently a director of the NMR Group’s National Milk Laboratories and of Independent Milk Laboratories Limited, a joint venture between Progressive Genetics and NMR operating in Ireland.

NMR

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