Lakeland Dairies has announced its 2021 results indicating a 20% increase in revenues for last year.
Revenues increased to €1.3bn across its four operating divisions including Food Ingredients, Foodservice, Consumer Foods and Agribusiness.
This is up by €217.7m on the previous year’s figure of €1.1bn.
It also yielded an operating profit of €28.2m and Lakeland Dairies closed the year with a strong balance sheet including Shareholders’ Funds of €230.9m.
Lakeland Dairies Group Chief Executive Michael Hanley said the results reflect prudent management in the context of an intensely competitive and increasingly volatile trading environment.
“The financial results and accounts for the year are both prudent and satisfactory,” he continued.
“This is particularly so in the context of an intensely competitive trading environment, when the achievement and maintenance of strength, sustainability and resilience have never been more important for globally focused businesses.
“This enabled Lakeland to pay a competitive milk price, also reflective of overall market conditions, throughout the year.”
Lakeland Dairies’ Chairman, Niall Matthews added: “We operate in a complex global environment and marketplace where the pace of our innovation, and our operational and business performance, must constantly adapt to meet a very wide range of trends and imperatives for the short, medium and longer terms.
“The 2bn litres of milk produced by our dairy farmers is manufactured into the highest quality, natural and wholesome dairy products, creating long-term value for our dairy farmers and our customers throughout the world.
"The economies of scale we have achieved and the robust performance of our business will continue to support our progress, building further on our strengths as a large scale, farmer owned dairy co-operative.”
