The board of Kerry Co-op has acknowledged interim top-up payments made by Kerry Group plc to suppliers for milk delivered in the second half of 2023, as it plans on pursuing negotiations for a further top-up.

The board stated that payments made to suppliers last week at a rate of 0.95c/l (excluding VAT) for the final six months of 2023 represents a “part payment” of the full top-up needed to honour the commitment to pay the country’s leading milk price for last year.

Kerry Co-op has said that its leading milk price committee will continue to work with Kerry Group plc to ensure that the “outstanding balance” in the milk price commitment is paid to suppliers in due course.

“While the milk production year has only ended and accounts for the year have yet to be completed, our members can rest assured that we will pursue our negotiations on the top-up payments needed to deliver a satisfactory final milk price for 2023,” board chair James Tangney commented.

Last week's 0.95c/l (excluding VAT) top-up was worth around €1,900 to a 100-cow 500,000l supplier delivering 40% of their milk from July to December.

Kerry announces milk price top-up

0.95c/l ex-VAT top-up only ‘part payment’ to leading milk price - Kerry Co-op

An "interim top-up" payment went out to farmers worth around €1,900 to the typical 500,000l supplier last week.