Belfast-based dairy giant Dale Farm has seen its pre-tax profits increase by 16% to almost £8m.
The company, which owns brands Dale Farm, Mullins ice cream, Fivemiletown cheese and Dromona, said it was a 'solid' performance despite it being a 'year of two halves.'
Chief executive Nick Whelan said for a second year running Dale Farm has delivered a solid financial performance despite continuing to evaluate opportunities and threats faced by Brexit.
He suggested that the dairy company would be able to benefit from import substitution when the UK leaves.
"We witnessed a 12% increase in consumer sales, driven by innovation in product development across our dairy portfolio of butter, ice cream, cheddar cheese, liquid milk, yoghurt and fresh desserts," he said.
"The recovery in global dairy markets in the second half of the year, combined with Dale Farm's significant cost reduction plan, enabled us to pay a leading milk price to our farmer members in Northern Ireland and across Great Britain.
"A strategic focus for our business is the development of whey solutions, allowing us to respond to the growing domestic and international trend in protein based products," he said.
