DAIRY cooperative Dale Farm has seen its profits rise by 16 per cent to £7.9 million in what the company has described as a "year of two halves".
Headquartered in Belfast, but with bases across Great Britain Dale Farm has reported a "solid" set of financial results for the year ending March 2017, with overall group turnover up by 5.1 per cent to £389 million. The group further generated a positive cash flow, with net debt having decreased from £66.6 million to £64.4 million.
The dairy company also witnessed a 12 per cent increase in consumer sales, driven by what it describes as "innovation in product development" across its dairy portfolio
Dale Farm, whose portfolio includes Dromona, Spelga, Mullins, Fivemiletown, Loseley and Rowan Glen has credited its successful year is due to product innovation and global market improvements, with further plans in the pipeline for growth.
“For the second year running, Dale Farm has delivered a solid financial performance, despite it having been a year of two halves," chief executive Nick Whelan said.
“The recovery in global dairy markets in the second half of the year, combined with Dale Farm’s significant cost reduction plan, enabled us to pay a leading milk price to our farmer members in Northern Ireland and across Great Britain.”
Mr Whelan also highlighted the company's successful diversification into the sports nutrition market.
“A strategic focus for our business is the development of whey solutions, allowing us to respond to the growing domestic and international trend in protein based products,” he said.
The group’s feed business, United Feeds, delivered a “satisfactory performance” despite a challenging environment for farmers throughout the year due to factors including Brexit.
“We will continue to evaluate the considerable opportunities and threats that Brexit will present over the months ahead. Our model presents us with much room for growth, as we remain focused on ongoing innovation and maximising new routes to market. Our overarching aim, however, is to continue to afford a leading milk price to our farmer membership,” Mr Whelan added.
The solid financial results announced by Dale Farm come as the company took home 25 industry awards from the International Cheese Show in Nantwich, Cheshire.
The company markets its cheese ranges under the Dale Farm, Dromona and Fivemiletown brands in Northern Ireland and Great Britain
