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North Wales cheesemaking farmer co-op South Caernarfon Creameries reported sales up 17% to a record £52.9m for the year to March 2019. Operating profits were down 19% at £2.2m cutting their average operating margin from 6.0% to 4.1%. Net pre-tax profits were down 29% at £1.5m. Profitability they report was as forecast and resulted from a balanced position between milk prices, opening cheese stock valuations and market returns for the year. The company’s gearing reduced from 195% to 158% while total equity increased by £1m to £9.4m. Average staff numbers were up from 119 to 130.