The co-op said this was because that year was an unprecedented one for dairy market returns, leading to record profits, but the market subsequently collapsed last year.
"2023 was a difficult year for the dairy industry. Nobody, from farmer to processor, was disappointed to see the back of a year that challenged us at all levels," said Lakeland Dairies Group Chief Executive Officer Colin Kelly. "However, despite all these challenges, the financial strength of the co-op and our robust balance sheet ensured that we were well-placed to navigate this volatility. Our Revenues, EBITDA and operating profit before exceptionals all show a strong and resilient co-op."
While the agribusiness division saw its revenues of €112m on the back of increased feed sales and a reduction in market prices.In November of last year, the firm said it would close three sites, putting dozens of jobs under threat, as it implemented plans to future-proof the business through a new strategy.
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