With turnover crossing €500m for the first time, operating profits up 9% to stand at €11.7m and revenue up 15% to €545.5m, Lakeland Dairies announced strong results for 2013 yesterday (Wednesday).

Lakeland chief executive Michael Hanley said the results show the strength of the national and international dairy markets.

“These results reflect the strength and competitiveness of the business... buoyant world dairy markets, organic growth in customer demand and new business yielded increased revenues and operating profits,” Hanley said.

Lakeland’s largest division, food ingredients accounted for 57% of revenues and increased sales by 21% to €308.9m

  • See page 21 for full analysis of results