Norco suppliers in Queensland and NSW have received a record milk price in 2019/20, averaging 70.63c/l, up from 60.14c per litre in 2018/19. Annual milk intake was 214m litres, with turnover of $680m. Profit for the year rose to $5.4m, up from $1.2m the year prior. Norco bottles milk for Coles in south-east Queensland and the 10c a litre levy applied to Coles’ private label milk is paid on top of the farm gate milk price.
Chief executive Michael Hampson said Norco had shown it was possible to deliver outstanding value to farmers and good results as a corporate and encouraged retailers to continue with levies and other support measures for dairy farmers.