Lakeland's growth strategy is paying off with £449m in sales
A major cross-border dairy has reported a 15% increase in its in revenues to £449m last year, yielding an operating profit of £9.6m – up 9% on the previous year.
Lakeland Dairies, which has a base in Newtownards and headquarters in Co Cavan, enjoyed pre-tax profits which soared by 30% to £8.5m in a year of "continued growth and development".
Group chief executive Michael Hanley hailed the result as "very satisfactory", just as a major new addition to the Co Down branch, a global logistics centre, nears completion.
"These are very satisfactory results which reflect the strength and competitiveness of the Lakeland Dairies business.
"Lakeland Dairies continued its growth and development and gained further momentum as a market-leading provider of excellent dairy food service and food ingredient products.
"Buoyant world dairy markets, organic growth in customer demand and intense new business development activity yielded increased revenues and operating profits," he added.
All divisions with the group were said to described as having performed "to the highest standards of efficiency in meeting global customer needs".
"We maximised returns from the markets through the flexibility and scale of our processing plants, driving milk into the highest value product categories in line with market trends."
The chief executive added that the new centre in Newtownards, under construction at its existing site, will "complement our international distributor partnerships and we have access to all main dairy markets across the world".
Another recent addition to the business was a new milk dryer at Bailieboro, Co Cavan.
Chairman Padraig Young said the firm had the "assets, resources and vision to ensure a bright future for milk producers".