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National Milk Records PLC on Tuesday said it was confident it has liquidity for the next 21 months, following year of financial growth.
National Milk is a Chippenham, England-based agricultural technology information services provider in UK dairy.
In the financial year ended June 30, National Milk reported pretax profit of £2.2 million, up 35% from £1.6 million a year prior.
Revenue widened to £23.2 million, up 5.6% from £21.9 million. National Milk said key drivers of growth included core services, up 4.5%; Johne's disease testing, up 9.8%; and genomics testing, up 67% from a low base after the company's testing laboratory went into operation.
Net debt narrowed to £400,000, from £1.0 million last year.
The company said that Russia's invasion of Ukraine had caused new concerns with issues of global food and energy security, and high inflation. It said these pressures had impacted UK dairy, with input costs for farmers surging for feed, fuel, and fertiliser.
However, Managing Director Andy Warne commented it was testament to the focus of the National Milk team that ‘we can make progress towards our strategic goals amidst the turmoil of inflation, uncertain financial markets and even drought’.
National Milk recommended a dividend of 2.00 pence per ordinary share for the financial year, up from 1.50 pence in 2021.
Looking ahead, the firm said it ‘is confident it has the liquidity in place to continue in operational existence for the foreseeable future and for at least the next 21 months’.
National Milk shares were trading 3.3% higher at 110.5 pence each on AQSE in London on Tuesday morning.
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