Co-op Lakeland Dairies has reported a pre-tax profit of €2.270m for last year. Operating profits amounted to €5.2m on 22% higher turnover of €411m.
The increase in sales was boosted by a five-month contribution from food service firm LE Pritchitt, acquired during the year, and a full-year contribution from businesses acquired in 2002.
Chief executive Ed Prendergast called the results satisfactory, bearing in mind the volatility of dairy stocks in international markets.
Turnover in the dairy division rose by €75m to €354m, while the agri-trading division recorded turnover of €57m.
Mr Prendergast said Lakeland was planning to form a special foodservice division because of its expansion in this market. The company has begun manufacturing the HB ice cream range of products on behalf of Unilever. It has also signed a contract with Diageo to supply cream for the Baileys brand.
