Lakeland Dairies' revenues and profits for 2013 grow

Thursday 24 April 2014 08.29
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Lakeland's revenues rose by 15% to €545.5m
Lakeland's revenues rose by 15% to €545.5m
Lakeland Dairies grpup chief executive Michael Hanley
Lakeland Dairies grpup chief executive Michael Hanley

Lakeland Dairies has reported higher revenues and pre-tax profits for last year as the cross border co-operative saw all of its divisions performing well.

The co-operative said its revenues rose by 15% to €545.5m while pre-tax profits grew by 30% to €10.3m. Operating profits also increased by 9% to €11.7m.

Lakeland collects and processes over 700 million litres of milk every year across 15 countries. It exports to over 70 countries worldwide.

It said that revenues in its Food Ingredients division increased by €53.9m to €308.9m, while turnover at its Foodservice division grew by €8.3m to €169.8m.

Meanwhile, revenues at its Agri-trading division rose by 18% to €66.8m.

"Buoyant world dairy markets, organic growth in customer demand and intense new business development activity yielded increased revenues and operating profits," commented Lakeland's group chief executive Michael Hanley. 

Mr Hanley said that all of the co-op's divisions performed to the highest standards of efficiency in meeting global customer needs. 

"With a growing world population and the abolition of milk quota constraints in April 2015, the dairy sector holds considerable promise for the future," Mr Hanley said. 

He said that the co-op's milk suppliers have indicated that they will increase milk production in the years ahead, taking its milk processing to over 1 billion litres annually by 2020. 

"We will continue to pay a leading milk price while pushing all of our growing profits back into Lakeland Dairies which will remain a farmer owned and farmer controlled co-operative, working successfully in the direct interests of its stakeholders," Mr Hanley concluded.