Dale Farm reports another strong set of results
Dale Farm has recorded a strong set of results for the financial year ending March 2023, and continues to build on the progress it has made over the past number of years.
Group turnover is up at £728m compared to £591m the previous year. Group operating profit has increased to £35.5m up almost £10m on the previous year (£25.6m in 2022); group net profit before tax £26.8m (previous year £22.1m). The cooperative’s earnings before interest, tax and depreciation (EBITDA) have also increased from £33.8m year ending 2022, to £43m for the year ending 2023.
Nick Whelan, Group Chief Executive, Dale Farm commented, “On behalf of the Dale Farm team, I’m delighted to see the strong performance, building on a robust set of results in 2022.
“These figures show our strategy is working, with our focus on research and development, portfolio management and brand performance contributing to this growth, alongside favourable global commodity prices in the first half of the financial year. We have made cost efficiencies across the business in response to rising food prices and remain committed to being as agile and profitable as possible. This has enabled us to pay the most competitive milk price and be able to invest in the future stability and sustainability of the cooperative. This strong performance can only be achieved by dedicated and talented people, and I want to thank the entire team at Dale Farm for their efforts.”
Fred Allen, Chairman of Dale Farm said, “This past year was unprecedented with continued high costs which peaked at record levels. Our cooperative’s strong performance enabled us to pay a competitive milk price, which was on average for the year, 45.49 ppl compared to 33.88 ppl the previous year. Our focus remains on building a sustainable supply chain, and we continue to invest in areas of our business which deliver the highest returns possible to our dedicated members and suppliers.”