Annual Report and Financial Statements 2024

Dairygold delivered a turnover of €1.4 billion, an increase of €10.6 million year-on-year, reflecting increased dairy market returns, which were partially offset by a decrease in milk production and lower feed and fertiliser prices.

The Munster based dairy processor delivered an EBITDA of €65.4 million, an increase of €10.4 million (18.9%) on the 2023 EBITDA of €55.0 million, with improved financial performances being achieved by all Businesses, with Vita Actives Limited, in its first full financial year as a subsidiary of Dairygold, delivering on its financial objectives.

Commenting on the 2024 results, Dairygold Chief Executive Michael Harte said:

“Strong performances across all our Businesses, despite the challenges experienced in the early part of the year, helped Dairygold deliver a positive financial result for 2024. The outcome further strengthens the Societ y’s balance sheet and gives us the flexibility to continue to invest in higher margin activities.

Looking forward, our near-term business focus will be on optimising business efficiency, maximising the commercial return and leveraging the growing global Health and Nutrition sector. Our dairy processing facilities are some of the best in the world and will benefit the Business and our Milk Suppliers well into the future. Our Business Optimisation Programme will further strengthen our competitiveness and agility, allowing Dairygold to take advantage of the growth opportunities that the global dairy industry continues to offer in the various sectors we operate. Our Vita Actives Business is delivering on its financial targets and continues to build the capability of the team to deliver on its ambitious strategic growth plans into the future.

The entire organisation continues to be guided by the objectives of ‘Our Strategy, Our Future 2030’, designed to strengthen the Society’s ability to optimise opportunities, capitalise on our production capabilities and meet future challenges head on and with the ongoing support of our Members, Dairygold will continue to deliver for farming families across Munster.”

Dairygold Chairperson Pat Clancy, commenting on the 2024 results, said:

“A very positive performance across the Business towards the end of 2024, as well as more favourable weather and stronger dairy market returns resulted in the Society delivering a strong set of results for its Members.

On sustainability, Dairygold has taken a proactive but pragmatic approach to delivering measures which will positively impact our milk pool and Milk Suppliers well into the future, with our farm engagement efforts now focusing more on demonstrating how these measures can deliver cost efficiencies at farm level.

The slowdown in milk production expansion has highlighted the importance of our milk pool, to the overall performance of the Business. At a political and regulatory level, we have prioritised the retention of the nitrates derogation, to ensure the retention of current milk volumes, while at farm level, following our 2024 Milk Census we will also prioritise measures to address on farm succession planning, generation renewal and economic viability.”