PROGRESSIVE YEAR FOR LAKELAND DAIRIES AS 10% PRE-TAX PROFIT RECORDED

Lakeland Dairies has reported a positive business performance in spite of volatile global dairy market conditions, in the co-operative’s annual report for 2015.

The recent Annual General Meeting was told that profit before tax increased by 10% to €12.8 million.
Group revenues of €588.5 million reflect a 6% reduction due to global conditions where there is continuing pressure on the returns from the markets, shareholders were informed.

The Society concluded 2015 with a strong balance sheet and shareholders’ funds of €109 million.

During the year, Lakeland Dairies acquired Taste Trends Ltd, the leading UK-based maker of Coolicious branded frozen yogurts. They also commenced the expansion of milk powder processing operations at Bailieboro, Co. Cavan, which proceeded on schedule throughout the year.

The co-operative opened a new Global Logistics Centre at its dairy foodservice manufacturing site in Newtownards, Co. Down, and other dairy processing sites, including Killeshandra, Co. Cavan, were also upgraded.

Milk supply volumes (currently 900 million litres of milk per annum) increased by 13% which contributed to overall efficiencies across all …