A year of “challenges and volatility” in the dairy sector has hit profits at Wrexham-based cheese maker First Milk Cheese Company. The business, whose brands include the Lake District Cheese Company and Scottish Pride, has reported a pre-tax loss of £6.5m for the 12 months to 31 March 2009, down from a profit of £3.2m a year earlier. Revenues have also declined by 9 per cent to £206m. The company blamed the decrease in whey and cheese returns in the second half of the year after global prices had dropped significantly. It added that restructuring costs, which saw staff numbers fall from 662 to 576, cost around £1.8m. During the year it increased its long-term bank facilities to £66.4m from £61.7m in 2008 and received a £2m short-term loan from parent company First Milk.

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