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Dale farm reports 11% profit increase despite £97 million revenue drop

Source: The DairyNews
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Dale Farm, the Belfast-based dairy cooperative, has announced robust financial results for the fiscal year ending March 2024. The cooperative reported a net profit before tax of £29.8 million, marking an 11% increase from £26.8 million the previous year.
Dale farm reports 11% profit increase despite £97 million revenue drop

Additionally, Dale Farm's EBITDA (earnings before interest, tax, depreciation, and amortisation) rose to £44.9 million, up fr om £43 million in the prior year.

Despite a drop in annual turnover to £631.4 million, down from £728 million the previous year—a decrease of £97 million—Dale Farm has improved its turnover to profit ratio. The cooperative attributed these results to strategic decision-making and the collective efforts of its workforce comprising 1,200 employees and the farmers who supply high-quality milk.

In May 2024, Dale Farm announced a significant investment of £70 million in its cheddar processing facility at Dunmanbridge, Co. Tyrone. This investment, one of the largest by a Northern Ireland agri-food company, underscores Dale Farm's commitment to growth and innovation within the sector.

Nick Whelan, Group Chief Executive, highlighted, "Our strategy focuses on research, development, and investing in our core strengths, which has driven our consecutive years of increased profitability. We maintain a high-performance culture wh ere our team members contribute creativity and diligence to ensure operational excellence."

Fred Allen, Chairman of Dale Farm, emphasized the cooperative's resilience amidst market volatility and inflationary pressures on input costs. He underscored Dale Farm's commitment to paying a competitive milk price, averaging 35.2p per litre in the 2023/24 period, supporting the sustainability and future viability of farm businesses.

Allen added, "Continued profitability and strategic investment are vital as we navigate challenges and seek to deliver optimal returns for our farmers, securing a sustainable future for generations to come."


Picture by newsletter.co.uk

July 2024
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