DAIRY cooperative Dale Farm has recorded a strong set of results in the year to March as continues to build on the progress made over the past number of years.
Group turnover soared by more than 20 per cent from £591 million to £728 million.
Operating profit increased by nearly £10m to £35.5m (from £25.6m in 2022) and net profit before tax came in at £26.8m against £22.1m the previous year.
The cooperative’s earnings before interest, tax and depreciation also increased from £33.8m year in 2022 to £43m for the year ending 2023.
Dale Farm is backed by 1,300 farmers who own the business and supply it with quality milk.
Group chief executive Nick Whelan said: “On behalf of the Dale Farm team, I’m delighted to see such a strong performance, building on a robust set of results in 2022.
“These figures show our strategy is working, with our focus on research and development, portfolio management and brand performance contributing to this growth, alongside favourable global commodity prices in the first half of the financial year.”
He added: “We have made cost efficiencies across the business in response to rising food prices and remain committed to being as agile and profitable as possible.
“This has enabled us to pay the most competitive milk price and be able to invest in the future stability and sustainability of the cooperative.
“This strong performance can only be achieved by dedicated and talented people, and I want to thank the entire team at Dale Farm for their efforts.”
Fred Allen, chairman of Dale Farm, said: “This past year was unprecedented with continued high costs which peaked at record levels.
“But our cooperative’s strong performance enabled us to pay a competitive milk price, which was on average 45.49 pence per litre for the year compared to 33.88 the previous year.
“Our focus remains on building a sustainable supply chain, and we continue to invest in areas of our business which deliver the highest returns possible to our dedicated members and suppliers.”
