Strathroy Dairy Achieves Significant Growth in Revenue and Profits
Source: The DairyNews
Strathroy Dairy, a longstanding family-operated milk and cream producer based in Omagh, County Tyrone, has experienced a substantial increase in its financial performance, reporting a 25% growth in revenue to £148.5 million for the fiscal year ending July 31, 2023. This marks an impressive £30 million increase in annual income for the business, which was established in 1850.
Despite a challenging economic environment characterized by significant inflation in food and beverage prices—peaking at 19.2% in May 2023—the company navigated rising expenses effectively. According to the latest financial reports, Strathroy Dairy's cost of sales escalated by 24% to £137 million, while administrative expenses soared by 47% to £3.6 million. Distribution costs witnessed a modest rise of 2.8%, amounting to £5.3 million.
Nevertheless, Strathroy Dairy Ltd. managed to secure a pre-tax profit of £1.4 million, a notable increase of 218% over the previous year, culminating in a net profit of £889,384 after accounting for a £551,000 tax liability.
The business, steered by the Cunningham brothers, Patrick and Ruairi, employs 160 staff and supplies major retailers including Lidl, Aldi, and the Musgrave group with both its own branded products and other dairy items. The company also reported a turnover of £28.3 million in the Republic of Ireland for the same period, up 28% year-on-year.
The directors expressed satisfaction with the fiscal performance, acknowledging ongoing efforts to monitor and manage costs amid prevalent inflationary pressures, which have been exacerbated by Brexit, rising energy costs, supply chain disruptions, and geopolitical tensions.
In a strategic move post-reporting period, ownership of Strathroy Dairy was restructured, with operational control transitioning to Edmco Unlimited, a newly established entity in Jersey in September 2023, yet still under the Cunningham family's ownership.
Nevertheless, Strathroy Dairy Ltd. managed to secure a pre-tax profit of £1.4 million, a notable increase of 218% over the previous year, culminating in a net profit of £889,384 after accounting for a £551,000 tax liability.
The business, steered by the Cunningham brothers, Patrick and Ruairi, employs 160 staff and supplies major retailers including Lidl, Aldi, and the Musgrave group with both its own branded products and other dairy items. The company also reported a turnover of £28.3 million in the Republic of Ireland for the same period, up 28% year-on-year.
The directors expressed satisfaction with the fiscal performance, acknowledging ongoing efforts to monitor and manage costs amid prevalent inflationary pressures, which have been exacerbated by Brexit, rising energy costs, supply chain disruptions, and geopolitical tensions.
In a strategic move post-reporting period, ownership of Strathroy Dairy was restructured, with operational control transitioning to Edmco Unlimited, a newly established entity in Jersey in September 2023, yet still under the Cunningham family's ownership.
