Lakeland Dairies made a loss of €8.1 million last year, down from the profit of €24.5 million the previous year, on the back of weaker dairy market returns and a once-off €14.5 million charge related to the restructuring of its business.
“It is important to note that these exceptionals are exactly just that – exceptional. They are once-off effects that will not recur on an ongoing basis,” he said.The Cavan-based group’s latest financial accounts show revenue fell from €1.9 billion to €1.6 billion in 2023 as dairy market prices fell sharply on the back of excess supply, weaker consumer demand in traditional markets and a fall-off in demand from China as Beijing seeks greater dairy self-sufficiency.
Lakeland said it processed 2 billion litres of milk collected from 3,200 farms across 17 counties last year, exported 240 products to over 100 countries.