Lakeland returns to profitability in 2024

Lakeland’s annual report for 2024 showed a significant improvement in financial performance at the cross-border co-op. Profit after tax came in at €18.37m for the year, up from a loss after tax of €8.1m in the previous 12 months. Revenue increased by €150m to €1.75bn. The amount of milk processed was only marginally higher at 2bn litres.

Milk payments to farmers increased by €203m to €998m, pushing the co-op the top end of milk league for 2024.

Lakeland said that 2024 was a critical year for the co-op as it executed its growth and development strategy, which included the purchase of Belgian business De Brandt and the closure of some facilities in Ireland. The co-op says it maintains an “unrelenting focus on operational efficiency”.

Lakeland Dairies chairperson Niall Matthews said: “Making strategic decisions to benefit our farm families and everyone in our co-op is the key focus of the board of Lakeland Dairies. We have real momentum now as the decisions and investments we have made are moving us up the value-add chain to support the long-term operations of our farm families.”

Group chief executive officer Colin Kelly said: “Following a challenging 2023, where everyone in the co-op displayed remarkable resilience, 2024 was a very successful year for Lakeland Dairies with turnover, EBITDA and profits all increasing. We were also pleased to return a competitive and sustainable milk price to our 3,200 farm families.

“2024 was one of the most strategically important years in the 130-year history of Lakeland Dairies as we continued to make strategic decisions to benefit the co-op and our farm families in the short and long term.”

See this week’s Irish Farmers Journal for full analysis of Lakeland’s annual report and an interview with CEO Colin Kelly.