Dale Farm delights farmers with financial results
Just days after it signed a deal that will see Northern Ireland cheese exported to Lidl stores all over the world, dairy co-op Dale Farm has published its latest financial results that show significant growth in turnover and profit.
29 June 2018 | 0
Dale Farm, the largest UK farmer-owned dairy cooperative, has announced significant increases in profit and turnover as part of its financial results for the year ending March 2018.
The group’s operating profit is up from £9.8m to £12.1m, while profit before tax increased from £7.9m to £10.1m. Overall group turnover grew by a record increase of 24% to £481m.
Dale Farm group chief executive Nick Whelan said that the results are hugely positive for the group. “Our consistent level of growth and profitability is the result of ongoing reinvestment,” he said, “combined with teamwork and an ambitious strategy that has strengthened partnerships with major customers across the UK, Ireland and beyond.”
Over the last three years, Dale Farm has invested £19m into its facilities and operations.
“Dale Farm’s focus remains steadfast,” Whelan continued. “That is to support sustainable farming by paying our members the best possible milk price at all times. I am delighted to be able to report that Dale Farm has moved to the top of the 12-month rolling milk price league in Northern Ireland and, as of this month, is paying the leading milk price on the island of Ireland.
“A vital ingredient in our success is the strength of our people,” Whelan added, “so we invest heavily into developing talent that will help us on our growth trajectory. We also continually assess and reinvest in every step of the production process to increase our operating efficiencies and in doing so, have achieved a return on capital well above the industry average.”
The announcement is made one week after Dale Farm signed a major supply contract with retailer Lidl, which will see its cheddar cheese being sold in 8,000 stores across 22 countries.