The success of a dairy co-op is often viewed solely through the lens of milk price. Being in a position to pay a competitive price back to farmer shareholders will always be a key benchmark against which to assess the performance of board and management, but it is also important to look much wider.

In this week's edition, we profile the financial performance of two co-ops, Lakeland Dairies and Dairygold. Similar to the financial performance of Aurivo, reported last week, both co-ops delivered a strong performance in 2021. The added challenges faced by management in delivering this performance in the face of COVID-19 challenges should be recognised.