FDBusiness.com

Lakeland Dairies Reports Record Revenues and Profitability

 Breaking News
  • Coca-Cola HBC to Acquire Italian Water and Sparkling Beverages Company in €88 Million Deal Coca‑Cola HBC has agreed to acquire Acque Minerali, a privately-held natural mineral water and adult sparkling beverages business based in Italy. The acquisition is being made in conjunction with The Coca-Cola Company, in-line with previous similar acquisitions. The total enterprise value payable by Coca‑Cola HBC and The Coca‑Cola Company, subject to customary closing adjustments, amounts [...]...
  • Britvic Signs Up to Science Based Targets Initiative Britvic has pledged to pursue bolder greenhouse gas (GHG) emission reduction targets by signing up to the Science Based Targets initiative. Britvic joins around 600 leading companies from around the world in formally committing to independently verified science-based GHG emission reduction targets. Britvic’s A Healthier Everyday sustainability strategy recognises climate change as one of the biggest threats facing [...]...
  • Marks & Spencer Partners Infarm to Bring Urban Farming to London Stores M&S Food is partnering with infarm – one of the world’s most advanced urban farming platforms – to deliver a range of fresh produce grown and harvested in a selection of the retailer’s London stores. Customers will now find a range of fresh herbs – including Italian, Greek and Bordeaux Basils, Mint, Curly Parsley and Mountain [...]...
  • Coca-Cola European Partners to Remove 4,000 Tonnes of Single-use Plastic by Swapping Shrink Wrap For Cardboard in Western Europe Coca-Cola European Partners, will be replacing plastic shrink wrap with cardboard for its can multipacks across Western Europe, removing approximately 4,000 tonnes of single-use plastic per year across the region. This is the latest move in Coca-Cola’s commitment to tackle packaging waste and remove all unnecessary single-use plastic from its secondary packaging. Plastic shrink wrapping is used [...]...
  • EU Leading in Global Agri-food Trade The EU has been confirmed for yet another year in its position as the largest global exporter of agri-food products, with sales reaching €138 billion in 2018. Agriculture products represent a solid share of 7% of the value of EU total goods exported in 2018, ranking fourth after machinery, other manufactured goods and chemicals. Agriculture and [...]...

Lakeland Dairies Reports Record Revenues and Profitability

Lakeland Dairies Reports Record Revenues and Profitability
April 02
16:47 2019

Lakeland Dairies, the major Irish cross border dairy processing co-operative, has turned in an excellent business performance in 2018 with record revenues and profitability, underpinned by targeted business development activity, relative stability in global dairy markets and growth in volumes shipped.

Group revenues increased by 5.3% to €810.5 million, yielding an operating profit of €17.5 million – up from €16.8 million in 2017. This was driven by strong returns from the three main business divisions – Food Ingredients, Foodservice and Agri-trading – which were also able to capitalise on significant economies of scale, benefiting from the substantial investments of recent years in technology, automation and lean operation across our processing footprint.

Michael Hanley, group chief executive of Lakeland Dairies, comments: “Lakeland Dairies concluded the year with a strong balance sheet and shareholders’ funds of €130 million, an increase of €12.4 million for the year. EBITDA (Earnings before Interest, Taxes, Depreciation & Amortisation) of €33.65 million increased by €1.05 million in 2018 from €32.6 million in 2017, reflecting a consistently high level of operational efficiency and profitability from year to year.”

The merger of Lakeland Dairies and LacPatrick Dairies has recently received all necessary regulatory approvals. The enlarged business – to be called Lakeland Dairies Co-Operative Society Limited – will be the second largest dairy processor on the island of Ireland with a cross-border milk pool of 1.8 billion litres, produced by 3,200 farms across a catchment area including 16 counties. The new co-op will have a combined annual turnover in excess of €1 billion, creating internationally competitive scale and the opportunity for greater efficiency to be achieved across the amalgamated organisation.

Michael Hanley continues: “Market conditions for 2019 will be contingent on factors including the still uncertain impacts of Brexit and the overall balance of global supply and demand across our product portfolio. We will meet any potential headwinds by continuing to ensure complete efficiency and flexibility across all of our operations, while at all times paying the highest possible milk price in line with market conditions. We will always support milk producers to the maximum possible extent. This will continue to be our commitment in the months and years ahead.”

About Author

mike

mike

Related Articles

Food & Drink Business Conference & Exhibition 2016

Upcoming Events

  • October 1, 2019PPMA Total Show
  • October 17, 2019Future Food-Tech
  • November 18, 2019Plastics Caps and Closures Conference 2019
AEC v1.0.4

find food jobs

The Magazine

F&D Business Preferred Suppliers

New Subscriber

Subscribe Here



Advertisements