Turnover increases 23% to €401 million at Lakeland Dairies with profit of €4.5 million

Commentary Highlights

• Turnover rises 23% to €401 million
• Profit before tax €4.5 million
• Increased global demand for food ingredients
• Opened new €20 million Drying Plant at Bailieboro
• Launched flavoured milk product in UK
• All operations performed strongly

Ireland’s second largest dairy processing co-operative Lakeland Dairies has reported a 23% increase in revenues to €401 million and operating profit of €4.5 million for the year ended 31st December 2010.

“2010 was a broadly positive year for Lakeland Dairies”, said Chief Executive, Michael Hanley.  “Internationally, there was a return to growth in our key markets as the global recession slowed.  This continuing and gradual recovery has helped to sustain a rise in demand for dairy products globally, raising market prices to improved levels.”

Lakeland Dairies exports to over 70 countries offering some 170 branded dairy products to customers throughout the world.  In 2010, Lakeland processed over 700 million litres of milk into a range of value added dairy foodservice products and food ingredients.  The co-operative has a strong balance sheet and finished the year with shareholders funds of €76.7 million.

read 2010 report