Business

Revenues at Lakeland Dairies co-op breaks one billion pound mark

Revenues at Lakeland Dairies rose by 20 per cent in 2021.

GROUP revenues at cross-border dairy processing co-op Lakeland have passed the billion-pound mark.

Announcing the group's financial performance across its four operating divisions during 2021, Lakeland Dairies said its revenues surged by 20 per cent last year to £1.09 billion, with operating profit rising by 8 per cent to £23.6 million.

EBITDA (earnings before interest, tax, depreciation and amortisation) hit £46.4m, while the co-op finished the year with shareholders' funds of £193.4m.

The co-op's four divisions include food ingredients, foodservice, consumer foods and agribusiness.

Last year saw Lakeland collect two billion litres of milk from 3,200 farms across 16 counties on either side of the border.

It produces 240 dairy products from eight processing sites, exporting to more than 80 countries.

Group chief executive Michael Hanley described the results as “both prudent and satisfactory”.

“This is particularly so in the context of an intensely competitive trading environment, when the achievement and maintenance of strength, sustainability and resilience have never been more important for globally focused businesses.

“This enabled Lakeland to pay a competitive milk price, also reflective of overall market conditions, throughout the year.”

Enjoy reading the Irish News?

Subscribe now to get full access

Business