Data released at its Annual General Meeeting shows the company grew its milk supply to 3.4 billion litres last season. It also announced that it will be maintaining its opening milk price of $6/kgMS. The $6/kgMS opening price for the 2014-15 season is the highest milk that the company has paid to its suppliers at the beginning of the financial year.
In the 2013-14 season MG paid a record farmgate milk price of $6.81/kgMS. The company grew its revenue by 22% and paid a dividend of 8c per share. The company's equity position improved by $59 million although the majority of this ($36 million) was achieved through the sales of its shares in rival dairy company Warrnambool Cheese & Butter.
In the 2013-14 season 49% of MG's sales revenue was from the Australian domestic market with the remaining 51% from international markets.
MG obtained 47% of its sales revenue from ingredient sales, 36% from dairy foods, 9% from nutritionals and 8% from MG Trading.
MG plans to shift to a higher value dairy product portfolio with a focus on nutritional powders such as baby and toddler formula, and consumer cheese and dairy beverages.
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