Muller in more profitable position as revenue hits £2.43bn
Major milk processor and manufacturer Muller UK & Ireland Group made an operating profit of £13.8m during 2023, after incurring an operating loss of £5.9m during the previous financial year.
Revenue was up by more than £100m on the year in 2023 to total £2.43bn, driven by record high milk prices.
However, after accounting for a significant one-off loss on disposal of investments alongside some finance costs, the group made an overall loss of £65.3m for the year ended 31 December 2023, before division among members.
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In the strategic report, the group said the reduction in net assets was largely due to the sale of Morecco Group (Milk & More).
It said: “Following a strategic review, Muller decided to divest its interest in Milk & More, a direct-to-consumer business, and the sale was completed 31 December 2023.
“The overall loss for the year before division among members in 2023 is therefore not representative of the positive performance of both Muller Milk & ingredients and Muller Yoghurts and Desserts.
“Once the one-off loss on sale of investment and impairment loss on investment have been removed, the partnership made a net profit in 2023.”
The group employs more than 5,900 members of staff with around 4,500 employees working within production and distribution, and roughly 1,400 employees in administration.
Meadow Foods
UK-based independent dairy Meadow Foods reported a pre-tax profit of £20.6m for the financial year to 31 March 2024, down marginally on the previous year.
Turnover dropped from £588m to £488m year on year, predominantly due to volatility in milk prices.
Meadow Foods chief executive, Raj Tugnait, said: “These strong results were achieved despite a continued challenging high-inflation environment.
“Fairfax Financial Holdings ownership gives Meadow a strong and long-term backer to realise Meadow’s plans.
“I am incredibly proud of the dedication and hard work demonstrated by teams across the business. These outcomes position us well to continue investing in new facilities, acquisitions and product development, enabling us to grow sustainably and better serve our customers.”