Muller UK & Ireland Group Reports Significant Financial Performance Changes in 2023

Muller UK & Ireland Group, a major player in the dairy processing and manufacturing industry, recorded an impressive turnaround in its financial performance for the year 2023. The group reported an operating profit of £13.8 million, a significant recovery from the £5.9 million operating loss incurred in the previous financial year.

Revenue for the group soared by more than £100 million to reach a total of £2.43 billion, a rise attributed to record high milk prices during the year. Despite the increase in operating profits, the group faced challenges that impacted the overall financial results. After factoring in a substantial one-off loss related to the disposal of investments and certain finance costs, the group reported an overall loss of £65.3 million for the year ending 31 December 2023, before distribution among members.

Further details in the group's strategic report highlighted that the reduction in net assets was primarily due to the sale of Morecco Group (Milk & More). This divestment played a crucial role in shaping the financial outcomes for the year.