Milk record group sees half year turnover rise
National Milk Records, which has a laboratory at Four Ashes, near Wolverhampton, saw turnover rise five per cent for the last six months of 2022.
The dairy information services provider was up from £11.4 million a year earlier to £12m.
There was a 5.3 per cent increase in pre-tax profit to £790,000.
Finance director Mark Frankcom said the results for the first half of the financial year showed a solid performance year on year.
Earnings were held back by the differing accounting treatment for vehicles not under finance leases, reorganisation costs for consolidating milk testing at the Four Ashes laboratory and investment in the opportunity for GenoCells in the US.
"Our revenue growth demonstrates the validity of our strategy to focus on our core services whilst concurrently pursuing opportunities for innovation. It's really pleasing to see continued growth of Johne's disease testing revenues, but also for our oldest revenue categories of milk recording and payment testing. The number of cows on the database has held up well in the first half of the year, and we are determined to grow this key performance indicator," said Mr Frankcom.
Genomics revenues nearly doubed to £366,000, which provides a strong foundation as NMR looks to launch GenoCells technology in the UK and the US later this year. GenoCells provides farmers with a genomically driven individual animal cell count analysis, based purely on the sample of milk from their bulk tank. This allows them to manage mastitis in the herd, and its associated use of antibiotics, without the need for individual animal sampling.
The first half of the financial year saw significant capital investment including £330,000 for the second half of the licence for GenoCells in the US. Tangible fixed assets includes a substantial investment in the Four Ashes laboratory to support the cost saving initiative to consolidate milk testing.
