Lakeland pays over €80m to Meath suppliers

2024 was a volatile year for industry

Cross-border dairy co-operative Lakeland Dairies has paid out €80.6m to its farmers in County Meath last year through milk payments in a significant contribution to the local rural economy, it says. Overall, the co-op paid €998 million to its 3,200 farm families in 2024.

Lakeland Dairies recently announced its annual results and financial report for 2024, marking a year of solid performance. After a very challenging 2023, Lakeland returned revenues of €1.75 billion, operating profits of €43.2 million, and EBITDA of €73.3 million in 2024.

Chairperson Niall Matthews, said: “As one of Ireland’s largest dairy co-operatives owned and run by its members, we understand the critical role that milk price plays in sustaining rural communities. Dairying is the backbone of local economies across the island, the money from the milk cheque is used to invest in their farms for future generations as well as supporting local businesses and industry. Our farmers are the originators of the circular economy, and that’s why we are steadfast in our commitment to returning the highest possible milk price."

He said that year 2024 brought volatility for the farm families of Lakeland Dairies and their co-op.

"The first half of the year was extremely difficult with challenging weather conditions coupled with stubborn input prices. Thankfully, as weather conditions improved, so did global dairy markets and the second half of the year was better. Our aim was to support our farmers who produce a world-class, sustainable and nutritious product with a sustainable and competitive milk price.

“Despite the obstacles encountered by our farm families, Lakeland Dairies processed a record tonnage of milk solids in 2024. This is a testament to both the resilience of our farmers in the year and the fruits of better genetics and management at farm level.

“2024 was also an important year as we continued to step out our ambitious and innovative strategy, Foundations for a Better Future which aims to deliver sustainable prosperity to our farm families. The acquisition of the De Brandt butterfat business epitomises the strategic decisions we are taking to benefit Lakeland Dairies in the short and long term.

“To support our families to be able to plan effectively for the future, we embarked on a full-scale representation campaign with ministers and senior politicians in our jurisdictions on issues including the Nitrates Derogation, inheritance tax, TB and generational renewal. We will continue to press home the message of the critical importance of dairying to the economy as well as the huge work farmers have long been undertaking to make positive changes to improve our environment.

“Making strategic decisions to benefit our farm families and everyone in our co-op is the key focus of the Board of Lakeland Dairies. We have real momentum now as the decisions and investments we have made are moving us up the value-add chain to support the long-term operations of our farm families.”