The dairy co-operative, Dale Farm, grew its turnover for the 12 months to March 2023 to £728 million.
The co-op’s turnover in the previous year was £591 million.
Dale Farm, which is owned by 1,300 farmers in Northern Ireland, England and Scotland, said it delivered a “strong performance” during the last financial year.
According to Fred Allen, chair of Dale Farm, this was against the backdrop of record high input costs for the co-op and its farmers.
Allen said: “Our co-operative’s strong performance enabled us to pay a competitive milk price, which was on average for the year, 45.49 price per litre compared to 33.88 price per litre 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.”
The latest set of financial results show that Dale Farm’s earnings before interest, tax and depreciation (EBITDA) increased from £33.8 million in the year ending 2022, to £43 million for the year ending 2023.
Nick Whelan, group chief executive, Dale Farm believes the 2023 results show that its strategy “is working” and that its focus on “research and development, portfolio management and brand performance” contributed to its recent growth.
Whelan also said that “favourable global commodity prices” had also been a key factor 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.
Dale Farm
The dairy co-operative, which was first formed in 1955, employs more than 1,200 people across the UK and Ireland.
It’s business spans the food chain, from animal feed to collecting milk from farms, from processing products to store delivery.
It supplies dairy products to the retail, food service and ingredients markets in more than 45 countries.
The latest results also show that Dale Farm’s operating profit increased to £35.5 million for the financial year ending March 2023 – up almost £10 million on the previous year (£25.6 million in 2022).
The co-op also reported a net pre-tax profit of £26.8 million in 2023 compared to £22.1 million for the previous year.
