Volac International, the dairy ingredients to animal nutrition group, saw its pre-tax profits more than double, to just under £21m (€23m) for its 2017 financial year. Volac said the surge in profits in 2017 was down to a weaker sterling and improved dairy markets during the year. Higher prices for whey permeate and lactose were significant contributors to the strong financial performance.

Operating profits for the year almost more than doubled (+12%) in the year to reach £19.4m (€21.5m), as operating profit margins widened from 4% in 2016 to a very healthy 7.2% in 2017. Sales for the year increased by more than a quarter (+27%) to just under £269m (€298m), reflecting higher sales volumes and prices.

Volac International recorded sales of just over £92m (€102m) in the UK and Ireland during the year, which was up 24% on the previous year. Sales to EU and world markets increased 28% in the year to £176m (€195m).

The group paid £2.5m (€2.8m) in dividends to its parent company, Woodford Holdings Ltd, which is controlled by the Neville family, which founded Volac in the UK in the 1970s. Accounts for Volac’s business in Ireland show it recorded sales of €32m and net profits of €4.1m during 2017.

Earlier this year, Volac announced plans to build a €3.3m finishing and packaging plant near Kells, Co Meath, to produce finished milk replacer for calves for the Irish and overseas export markets.