Lakeland Dairies are reporting €1.9 billion revenues, with operating profit of €32.5 million for 2022.
The dairy processing co-operative revenues increased by 45% to €1.9bn across its four operating divisions of Food Ingredients, Foodservice, Consumer Foods and Agribusiness, up by €590m on the prior year figure of €1.3bn.
This yielded an operating profit of €32.5m which was up by €4.3m on the previous year.
During the year, Lakeland Dairies distributed €1.1bn in payments to milk supplying farms across 16 counties, spanning both the north and south of the island.
Lakeland Dairies closed the year with a strong balance sheet including Shareholders' Funds of €273m.
Food Ingredient revenues increased by 43% to €1.19bn, based on a very strong performance, where Lakeland processed extra milk volumes while meeting consistently high demand across its dairy food ingredients portfolio. Foodservice revenues increased by 39% to €310.9m, up by €87m on the prior year figure of €223.9m. This was achieved in spite of a difficult period for the global foodservice sector with continuing pandemic lockdowns and the war in Ukraine presenting challenges around cost inflation, supply chain disruption and fears of recession.
Consumer Foods experienced a 60% uplift in revenue to €272.9m, up by €102.7m on the prior year figure of €170.2m. Lakeland Agri increased revenues by 45% to €125.3m based on a combination of strong operational performance and solid demand.
Lakeland Dairies Group Chief Executive, Colin Kelly said that these positive results are based on a strong, progressive and resilient performance, underpinned by the overall quality of our milk producers, people and operations, notwithstanding a deeply competitive and uncertain global market environment.
