Lakeland Dairies reports profits of €11.7m

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.

Operating profit increased by 9% to € 11.7m; profit before tax increased by 30% to € 10.3m; Food Ingredients Division revenues increased by € 53.9m to € 308.9m; Foodservice Division revenues increased by € 8.3m to € 169.8m; Agri-Trading Division revenues increased by 18% to € 66.8m and the year ended with a strong balance sheet and shareholders’ funds of € 87.1m.

“These are very satisfactory results which reflect the strength and competitiveness of the Lakeland Dairies business, “ said CEO Michael Hanley. “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. Lakeland milk suppliers have indicated that they will increase milk production in the years ahead, taking our milk processing to over 1 billion litres annually by 2020. Our increased milk processing intake will also be supplemented by new milk producer entrants and conversions from other sectors to dairy farming, all of whom will be welcome.”