Dale Farm accounts in numbers
Sales across the group were reported to be up £19 million to £524 million (previous year £505 million) for the financial year ending March 2021. Group operating profit was reported at £14 million (up 15% or £1.8 million compared to the year before). However, group operating profit (after exceptional items) was reported at £9.9 million (down compared to £12.2 million the previous year). Dale Farm stated that "exceptional items refer to a combination of costs associated with revaluing our assets across the group and redundancies". "These exceptional costs leave us in a stronger financial position moving forward." Group profit before tax £8.2 million (previous year £9.8 million), EBITDA £20.8 million (previous year £19.3 million). Speaking on the business’ performance, Dale Farm group chief executive Nick Whelan said: “I am pleased to report another solid year of results for Dale Farm for 2020/21, achieved despite some challenges during the year, not least the Covid-19 pandemic. “Our breadth of sales channels allowed us to benefit from an uplift in retail sales volumes in 2020/21 despite a decline in foodservice sales volumes due to the pandemic. "Additional operating costs were incurred during the year due to Covid-19, however despite these headwinds we achieved a solid set of financial results. It is also important to acknowledge the exceptional dedication of our people across the business who delivered a resilient performance.Despite the challenges of 2020/21, we continued with our focus to maximise the return on our members’ milk supply through successful innovation, value-added sales streams, proactive margin improvement and continuous cost control, all of which will stand us in good stead and enable us to pay a market competitive milk price as we move forward.”Whelan continued: “The business improvements achieved during 2020/21 and the continued commitment of our people allow us to look with confidence into 2021/22 and beyond. "As always, continuous investment in our plant and people, and maximising profitability whilst paying a market competitive milk price will be at the heart of our strategy.”