Annual Report
In the most challenging of market conditions, Lakeland Dairies delivered a strong business performance, underpinned by further achievements in organisational efficiency and the continuing implementation of a least cost dairy processing model. Lakeland reported operating profits of €1.4 million on turnover of €325.7 million for the year ended 31st December 2009. A €20 million investment in new milk powder processing facilities at Bailieboro has been completed on schedule, making this the largest non-whey milk drying facility in Europe. In addition to the consolidation of processing operations, Lakeland also transformed its technology systems and reduced these costs across the group. The group exported high quality dairy products to over 70 countries worldwide across its foodservice and food ingredients operating divisions. Lakeland closed the year with a strong balance sheet and shareholders' funds of €71 million.
Lakeland Dairies is the second largest dairy processing co-operative in Ireland. The co-operative markets a wide range of value added dairy products and food ingredients worldwide. Lakeland operates across fifteen counties on a cross border basis processing some 800 million litres of milk annually through its facilities. By implementing a strategic approach to our future growth and development, Lakeland Dairies has boosted its competitiveness. We are achieving success based on high standards of operational efficiency and business excellence. With strong performance as our only benchmark, we will continue to be an engine of growth and development in the interests of our shareholders, stakeholders and milk producers.
Commentary Highlights
• Turnover 2009 €325.7 million
• Profit before tax €1.4 million
• €20 million Bailieboro Dryer development progressed on schedule
• Transformed technology systems and reduced costs across the Society
• Exported high quality dairy products to over 70 countries worldwide