Lakeland Dairies reports sharp fall in profits for 2023 after dairy commodity prices plunged

Cavan-based dairy co-op booked a once-off €14.5 million impairment charge after announcing major restructuring plans last year

Lakeland Dairies chief executive Colin Kelly. Picture: Joe Dunne

Lakeland Dairies, the farmer owned dairy co-op headquartered in Co Cavan, recorded a double-digit fall in sales and profits for 2023 after a difficult year of sharp price corrections in the industry.

Reporting full year results for 2023, the co-op posted earnings (Ebitda) of €43.4 million, which was down 28 per cent on the €60 million in earnings made in 2022. Operating profits more than halved to just under €15 million, as profit margins narrowed ...