First Milk has revealed that its turnaround is gathering pace as pre-tax profits climbed to £3.2m in the first half of 2010.

In August it announced that it had returned to the black for the year to 31 March, posting a pre-tax profit of £360,000.

In its first-ever set of half-year results, it revealed that it has since managed to build further on its turnaround.

Pre-tax profits for the six-months to 30 September stood at £3.2m compared with a £9m loss for the same period last year.

Turnover increased by £24m to £280m, while bank debt was down £32m to £63m in the same period.

Compared with the previous year's figures, the ­latest results showed a greatly improved performance and demonstrated "continuing momentum", said First Milk chairman Bill Mustoe. First Milk paid 2.2ppl extra to its farmers during 2010.

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