Revenue at Lakeland Dairies surges as the group targets infant formula opportunities
Infant milk formulas and health-related nutritional products are key growth targets for north-western milk processor Lakeland Dairies as it recorded a 28pc surge in revenue to over €769m.
It’s milk pool surged to over 1.2 billion litres as it processed a full year’s milk supply from Northern processor Fane Valley following their strategic merger.
Lakeland Dairies group chief executive Michael Hanley said they would continue to target opportunities across infant formulas, dairy proteins and health-related nutritional products.
He pointed out the group already supplies 240 products to over 80 countries worldwide with firm routs to market already in place. Mr Hanley singled out the greatest growth potential lies in Asian, Malaysia, Thailand and China with a year on year growth expected in the region.
Lakeland reported group annual revenues for 2017 were up 28pc to €769.8m, up from €601m in 2016.
This yielded an operating profit of €16.8m, compared to €7.2m in 2016.
Profit before tax was €15.9m in 2017 and the co-operative closed the year with a 15pc increase in shareholders’ funds at €117.6m.
Earnings before interest, depreciation, tax and amortisation (EBIDTA) were €32.6m, increasing significantly from €18.9m in 2016.