Dairy firm milks 17% rise in profits
A dairy firm has announced bumper profits on the back of strong growth in its processing business and higher returns from international markets.
United Dairy Farmers saw its pre-tax profits climb 17% to £4.16m over the last year.
Revenue was up 21% at £400m.
It said it was operating in a tough consumer market and had been hit by rising energy and input costs but a good performance by wholly-owned processor Dale Farm and the acquisition of Fane Valley's liquid milk business had boosted the group's growth.
It said taking full ownership of United Feeds, previously a 50/50 joint venture with Andrews Holdings, had benefited.
United's Group Chief Executive, David Dobbin said: "The Group continued its ambitious investment programme to drive growth and improve competitiveness, with the purchase of the trade and assets of the Fane Valley liquid milk operation and completion of a new chilled distribution centre at Dale Farm's Lakeland business in Kendal, which will support Dale Farm's growth in the GB market."