Despite a volatile global dairy market, Lakeland Dairies has reported an increase in Profit Before Tax of 10% to €12.8 million for 2015.
However, group revenues decreased by 6% to €588.5 million, due to what it described in a statement as 'global conditions where there is continuing pressure on the returns from the markets'.
Both its Agribusiness Division and its Foodservice Division grew revenues by 8% to €62.4 million and 6% to €201.7 million respectively.
The company noted that the foodservice markets it operates in continue to benefit from gradually improving consumer sentiment.
Meanwhile, its Food Ingredients Division saw revenues fall by 14% to €324.4 million in 2015, due to an oversupply of dairy products on world markets.
Michael Hanley, Group CEO of Lakeland Dairies commented, "Lakeland Dairies continues to make strong progress. As well as strategic developments, we have achieved positive business results in spite of volatile dairy market conditions.
"We are focused on maximum efficiency across all operations. The balance within our business has enabled us to support milk price for our producers throughout the year."
Lakeland Dairies’ Chairman, Alo Duffy added, "Following from the abolition of quotas and the ongoing imbalance in global dairy markets, 2015 was a challenging year for milk producers and the dairy industry.
"The goal of all our developments is to underpin and maximise milk price while retaining our capacity to re-invest in the business."
© 2016 - Checkout Magazine by Jenny Whelan.