Volac, the UK-based dairy ingredients and animal nutrition group, racked up a £2.5m (€2.9m) loss for its 2018 financial year. Volac described 2018 as a “challenging year” and blamed the losses on a combination of weak dairy markets coupled with higher raw material costs.

The company saw its turnover for the year decline by 10% to just over £241m (€276m), which was mainly due to a 23% collapse in sales to European customers to £127m (€145m).