Belfast-based Dale Farm, a co-op of 1,300 dairy farmers from across the UK, has announced a significant increase in profit.
As part of its financial results for the year ending March 2018, the co-op announced its turnover has increased by 24 per cent to £481 million.
Group operating profit is up from £9.8m to £12.1m, and profit before tax increased from £7.9m to £10.1m, with an associated EBITDA of £18.1m.
The healthy results are a third year of consistent growth for the business.
Dale Farm Group Chief Executive, Nick Whelan said the company's financial performance is measured by its ability to best support its farmer owners.
“As such our 2017/18 accounts are hugely positive,” Mr Whelan said, “Our consistent level of growth and profitability is the result of ongoing reinvestment, combined with teamwork and an ambitious strategy that has strengthened partnerships with major customers across the UK, Ireland and beyond.
“Dale Farm’s focus remains steadfast – to support sustainable farming by paying our members the best possible milk price at all times. I am delighted to be able to report that Dale Farm has moved to the top of the 12-month rolling milk price league in Northern Ireland and, as of this month, is paying the leading milk price on the island of Ireland,” Mr Whelan added.
“Our cooperative ethos is underpinned by a long-term vision to support dairy farming across Northern Ireland and Great Britain and that will remain the driving force behind our strategy going forward. In essence, success for Dale Farm means success for every dairy farmer within our membership,” he said.
The announcement follows the dairy co-operative signing a major supply contract with retailer Lidl, which will see its cheese sold in 8,000 stores across 22 countries.
