Cavan-based co-op Lakeland Dairies has reported an operating profit of €20.5m for its 2019 financial year, which was up 17% on the previous year. Profit margins for the co-op narrowed slightly from 2.2% in 2018 to 2% last year. Lakeland’s earnings (EBITDA) grew by 28% last year to just under €43m, as earnings margins held firm at 4.1%.

Overall, Lakeland’s sales for the year grew by 28% last year to just over €1bn. The co-ops dairy ingredients division accounts for over half (56%) of all sales with turnover in the division growing strongly by 19% last year to €584m. Lakeland’s foodservice division saw a slight drop (-3%) in sales last year to €239m, while sales in its agribusiness division were down 2% to €72.3m.