Dairy co-operative Dale Farm has posted a near £97 million fall in group turnover to just over £631m for the financial year ending March 2024.
Owned by 1,300 dairy farmers across England, Scotland and NI, the co-op previously reported a group turnover of £728m for the previous financial year.
However, the latest financial results highlight that the co-op’s profit performance continued to improve for the third year in a row.
Its net profit before tax rose by 11% to £29.8 million in the 12 months to March 2024 – an increase from £26.8m in 2023.
Fred Allen, Dale Farm's chair, acknowledged that the dairy market had "experienced volatility" last year, warning that inflation "continues to affect input costs for producers".
He said: “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/l 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”.
Dale Farm co-op’s EBITDA (earnings before interest, tax, depreciation and amortisation) also saw a rise to £44.9m – up from £43m a year earlier.
Group chief executive, Nick Whelan said the improved profit result was down to “strategic decision making".
“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," he said.
“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”.
