The dairy co-operative, Dale Farm, grew its turnover for the 12 months to March 2023 to £728 million.
The co-op’s turnover within the earlier yr was £591 million.
Dale Farm, which is owned by 1,300 farmers in Northern Eire, England and Scotland, mentioned it delivered a “sturdy efficiency” over the last monetary yr.
In response to Fred Allen, chair of Dale Farm, this was towards the backdrop of file excessive enter prices for the co-op and its farmers.
Allen mentioned: “Our co-operative’s sturdy efficiency enabled us to pay a aggressive milk value, which was on common for the yr, 45.49 value per litre in comparison with 33.88 value per litre the earlier yr.”
“Our focus stays on constructing a sustainable provide chain, and we proceed to spend money on areas of our enterprise which ship the very best returns attainable to our devoted members and suppliers.”
The newest set of economic outcomes present that Dale Farm’s earnings earlier than curiosity, tax and depreciation (EBITDA) elevated from £33.8 million within the yr ending 2022, to £43 million for the yr ending 2023.
Nick Whelan, group chief govt, Dale Farm believes the 2023 outcomes present that its technique “is working” and that its deal with “analysis and growth, portfolio administration and model efficiency” contributed to its latest progress.
Whelan additionally mentioned that “beneficial international commodity costs” had additionally been a key issue within the first half of the monetary yr.
He added: “We have now made price efficiencies throughout the enterprise in response to rising meals costs and stay dedicated to being as agile and worthwhile as attainable.
“This has enabled us to pay essentially the most aggressive milk value and be capable to make investments sooner or later stability and sustainability of the cooperative.
The dairy co-operative, which was first fashioned in 1955, employs greater than 1,200 folks throughout the UK and Eire.
It’s enterprise spans the meals chain, from animal feed to gathering milk from farms, from processing merchandise to retailer supply.
It provides dairy merchandise to the retail, meals service and elements markets in additional than 45 nations.
The newest outcomes additionally present that Dale Farm’s working revenue elevated to £35.5 million for the monetary yr ending March 2023 – up nearly £10 million on the earlier yr (£25.6 million in 2022).
The co-op additionally reported a internet pre-tax revenue of £26.8 million in 2023 in comparison with £22.1 million for the earlier yr.