Revenue at Lakeland Dairies crosses €1 billion for first time in group's history

Revenue at Lakeland Dairies has crossed €1 billion for the first time in the group’s history.

The dairy processor published its annual report this afternoon, the first since the merger with LacPatrick Dairies was completed last April.

Revenues of €1.03 billion were recorded across the company’s four operating divisions, marking a 27.7 per cent, or €224.6 million,  increase on the previous year.

It’s the first time the group’s profit passed €1 billion, and double the revenue recorded five years ago.

The operating profit increased by €2.97 million to €20.5 million, with the balance sheet including shareholders’ funds of €197.2 million.

Lakeland Dairies Group Chief Executive Michael Hanley said the results of 2019 show the “success of the merger process to date” and “the true potential” for Lakeland Dairies to achieve continuing growth and development in the decades ahead.

Alo Duffy, Lakeland Dairies Chairman added that the strength of the dairy processor last year will help them meet any challenges posed by Covid-19 or Britain’s departure from the EU.