Dale Farm profits rise for third year running

Dale Farm profits rise for third year running

Dale Farm has recorded strong results for the financial year ending March 2024, with its net profit before tax increasing by £3 million, up at £29.8 million, an increase of 11%.

The dairy cooperative’s earnings before interest, tax, depreciation and amortisation have also increased, rising to £44.9 million, with a group turnover of £631.4m for the past financial year.

In May 2024 Dale Farm announced a major investment of £70m in its cheddar processing facility at Dunmanbridge, Co. Tyrone, one of the largest investments of its kind by a Northern Ireland agri-food company.

The results mark the third successive year of increased profits for the farmer-owned dairy cooperative, something Group Chief Executive Nick Whelan said was down to strategic decision making, the collective efforts of the 1,200 people employed by Dale Farm, and the farmers who supply the business with high quality milk.

“Every decision we take as a cooperative is about ensuring the profitability and sustainability of our members’ farm businesses. Through strategic investment we are delivering growth while paying a competitive milk price to the 1,300 farmers who own the business and supply us with healthy, nutritious, quality milk,” said Nick Whelan.

“Through our strategy – a focus on research and development and investing in the strongest areas of our business – we are growing, and these results show that strategy is working. We have developed a high-performance culture at Dale Farm where our team members across the business are stepping up to the challenge, using their creativity and diligence to ensure we are the best that we can be.”

He said their ambition is to lead the sector right across Europe, with the company’s £70m investment in its cheddar processing facility at Dunmanbridge allowing them to build on their reputation for quality, consistency and sustainability.

Fred Allen, Chairman of Dale Farm added: “Last year the dairy market experienced volatility, and inflation continues to affect input costs for producers. Against this backdrop, over the past year we were still in a position to pay a competitive milk price, with the average price paid totalling 35.2p per litre in 2023/24.

“It is more important than ever that we continue to invest in those parts of the business that deliver the highest returns for our farmers. The profitability of the cooperative and continued investment is key to securing farm businesses for future generations.”