Dale Farm Reports Third Consecutive Year of Profit Growth Amid Major Investment
Source: The DairyNews
Dairy cooperative Dale Farm has reported robust financial results for the fiscal year ending March 2024, marking the third consecutive year of profit growth. The cooperative's net profit before tax rose to £29.8 million, up 11% from £26.8 million the previous year. Additionally, Dale Farm's EBITDA increased to £44.9 million from £43 million, with a group turnover of £631.4 million, enhancing its turnover to profit ratio.
In May 2024, Dale Farm announced a significant £70 million investment in its cheddar processing facility at Dunmanbridge, Co. Tyrone, representing one of the largest investments by a Northern Ireland agri-food company.
Group Chief Executive Nick Whelan attributed the continued profit growth to strategic decision-making, the dedication of the 1,200 employees, and the high-quality milk supplied by the 1,300 farmer members. "Every decision we take as a cooperative is about ensuring the profitability and sustainability of our members' farm businesses," said Whelan. "Through strategic investment, we are delivering growth while paying a competitive milk price."
Whelan emphasized the cooperative's commitment to research and development and focusing on the strongest business areas. "We have developed a high-performance culture at Dale Farm, where our team members across the business are stepping up to the challenge, using their creativity and diligence to ensure we are the best we can be."
Fred Allen, Chairman of Dale Farm, noted the dairy market's volatility and the impact of inflation on input costs. Despite these challenges, Dale Farm managed to pay a competitive milk price, averaging 35.2p per litre in 2023/24. "It is more important than ever to invest in parts of the business that deliver the highest returns for our farmers," said Allen. "The profitability of the cooperative and continued investment are key to securing farm businesses for future generations."
With its £70 million investment in the Dunmanbridge cheddar processing facility, Dale Farm aims to remain at the forefront of innovation and reinforce its reputation for quality, consistency, and sustainability, striving to lead the sector not only in Northern Ireland but across Europe.
Group Chief Executive Nick Whelan attributed the continued profit growth to strategic decision-making, the dedication of the 1,200 employees, and the high-quality milk supplied by the 1,300 farmer members. "Every decision we take as a cooperative is about ensuring the profitability and sustainability of our members' farm businesses," said Whelan. "Through strategic investment, we are delivering growth while paying a competitive milk price."
Whelan emphasized the cooperative's commitment to research and development and focusing on the strongest business areas. "We have developed a high-performance culture at Dale Farm, where our team members across the business are stepping up to the challenge, using their creativity and diligence to ensure we are the best we can be."
Fred Allen, Chairman of Dale Farm, noted the dairy market's volatility and the impact of inflation on input costs. Despite these challenges, Dale Farm managed to pay a competitive milk price, averaging 35.2p per litre in 2023/24. "It is more important than ever to invest in parts of the business that deliver the highest returns for our farmers," said Allen. "The profitability of the cooperative and continued investment are key to securing farm businesses for future generations."
With its £70 million investment in the Dunmanbridge cheddar processing facility, Dale Farm aims to remain at the forefront of innovation and reinforce its reputation for quality, consistency, and sustainability, striving to lead the sector not only in Northern Ireland but across Europe.
