The board of Lakeland Dairies has today (Wednesday, April 13) confirmed the price that it will pay to farmers for milk supplied in March.
In the Republic of Ireland, Lakeland Dairies has increased its milk price by 3.6c/L to pay 47.1c/L inclusive of lactose bonus and VAT, for milk at 3.6% fat and 3.3% protein.
On average, the Lakeland pay out in ROI will be over 50.28c/L for March milk.
In Northern Ireland, Lakeland Dairies has increased its milk price by 2.8p/L to 37.5 p/L.
On average, Lakeland Dairies will pay out over 39p/L for March milk in Northern Ireland including adjustments for constituents and quality and volume bonuses.
In a statement, Lakeland noted that dairy markets remain stable underpinned by moderate levels of supply in key dairy producing regions and solid demand in key markets.
On-farm and dairy processing costs have increased significantly on every front. The cooperative added that it will continue to monitor market developments.
Yesterday, Glanbia announced that its milk price for members increased to 47.08c/L (including VAT) for March supplies at 3.6% butterfat and 3.3% protein.
This includes a base milk price for March of 46.58c/L (including VAT), which is an increase of 5c/L from the February base price of 41.58c/L (including VAT), the company said.
Earlier today, Lakeland published its annual results for 2021 reporting a 20% growth in revenues to £1.09 billion.
The 2021 performance resulted in an operating profit of £23.6 million, which was up by 8%.
The report shows EBITDA (earnings before interest, tax, depreciation and amortisation) of £46.4 million, an increase of roughly £4 million.
The cooperative finished the year with almost £193.4 million in shareholder funds.