Lakeland Dairies announces 9% increase in operating profit
Dairy processing co-operative Lakeland Dairies has reported a 15% increase in revenues to €545.5m for 2013, yielding an operating profit of € 11.7m, up by 9% on the previous year.
Profit before tax increased by 30% to € 10.3m.
Group chief executive Michael Hanley said: “These are very satisfactory results which reflect the strength and competitiveness of the Lakeland Dairies business.
“Lakeland Dairies continued its growth and development and gained further momentum as a market leading provider of excellent dairy foodservice and food ingredient products.
“Buoyant world dairy markets, organic growth in customer demand and intense new business development activity yielded increased revenues and operating profits.
“All divisions performed to the highest standards of efficiency in meeting global customer needs. We maximised returns from the markets through the flexibility and scale of our processing plants, driving milk into the highest value product categories in line with market trends.
“Lakeland channelled the benefits of its business growth towards producers with highly competitive milk prices for its farmer milk suppliers throughout the year.
“With a growing world population and the abolition of milk quota constraints in April 2015, the dairy sector holds considerable promise for the future.”
