Lakeland CEO Michael Hanley is confident on milk price for 2019, telling the Irish Farmers Journal this week that the milk price looks like remaining over 30c/l this year.

Hanley said that, given the recent strength of the New Zealand dairy auctions (GDT), European prices should be stronger.

However, he warned about a “Brexit microclimate” overhanging the market in Europe.

Hanley said a surge in European production in late 2018 and Brexit stockpiling by businesses and customers has resulted in a lot of stock in warehouses.

The newly merged Lakeland and LacPatrick will formally begin trading next week. Lakeland delivered a 4% rise in operating profits to €17.5m last year.