Milk Link, a leading South West's farmer owned dairy businesses, shows profit up 73 per cent to £18.5 million in its annual report. Earnings before interest, taxation, depreciation and amortisation was up 93 per cent to £27 million, turnover up 66 per cent year on year to £651 million and total assets less current liabilities up 92 per cent to £124.1 million.

Chief executive Barry Nicholls, said: "The results demonstrate that the business achieved strong financial growth, structural development and business integration.

They also reflect the importance of our members' commitment to the overall success of the co-operative and the hard work of our staff. Everyone at Milk Link remains absolutely focused on achieving our objectives of ensuring price stability for our members, the return of maximum added value and the provision of a long-term, secure market for their milk."