Northern Irish dairy cooperative Dale Farm has posted 19% growth in pre-tax profits, to £12 million (€13.4 million), in the 12 months to March, reports The Irish Times.
The farmer-owned cooperative’s turnover grew by 5.6% during the period, to £509 million (€568.2 million).
The group’s operating profit increased by 18%, to £14.3 million (€15.96 million), while EBITDA also saw growth of 15%, to £20.9 million (€23.33 million), the report noted.
‘Big Distraction’
According to the group chief executive, Nick Whelan, the co-operative achieved these results despite the “big distraction of Brexit”.
In 2018, Dale Farm entered into a partnership with Lidl to supply Cheddar cheese to 8,000 stores in 22 countries.
Whelan feels that a no-deal Brexit could have a negative impact on such collaborations.
Dale Farm comprises more than 1,300 dairy farmers across Northern Ireland, England and Scotland.
© 2019 European Supermarket Magazine – your source for the latest retail news. Article by Dayeeta Das. Click subscribe to sign up to ESM: European Supermarket Magazine.
