Lakeland Dairies announced its results today, including a 15% increase in revenues to €545.5m for 2013.
It also reported an operating profit of €11.7m, up by 9% on the previous years figures. According to Lakeland, business development and buoyant world dairy markets were behind the positive results.
The results for its various divisions included:
- Food Ingredients Division revenues increased by € 53.9m to € 308.9m;
- Foodservice Division revenues increased by € 8.3m to € 169.8m; and,
- Agri-Trading Division revenues increased by 18% to € 66.8m.
According to Lakeland CEO Michael Hanley, 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. 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.”
He went on to say that reducing volatility exposure to suppliers in the future. He also said Lakeland Dairies will continue to pay a leading milk price while remaining a farmer owned and farmer controlled co-op.