Lakeland Dairies paid out €96.8m to Cavan farmers last year

Lakeland Dairies has paid out €96.8m to its farmers in County Cavan last year through milk payments, contributing significantly to the local rural economy.

Overall, the co-op paid €998 million to its 3,200 farm families in 2024.

The cross-border dairy co-operative recently announced its annual results and financial report for 2024, marking a year of solid performance.

After a very challenging 2023, Lakeland Dairies returned revenues of €1.75 billion, operating profits of €43.2 million, and an Earnings Before Interest, Taxes, Depreciation, and Amortisation (EBITDA) figure of €73.3 million in 2024.

Commenting on the support to County Cavan farmers, Lakeland Dairies Chairperson Niall Matthews said that those in the co-operative "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.

He described farmers as the "originators of the circular economy" which is why they are "steadfast" in their commitment to returning the "highest possible milk price."

He said last year's payments are a "reflection of the immense value" farmers bring to both the economy and society. Their 3,200 farm families from 17 counties produce 2bn litres of high-quality milk annually.

"Through our pioneering and forward-thinking strategy Foundations for a Better Future, we have a clear ambition to deliver sustainable prosperity to our skilled, dedicated and hard-working farm families," he concluded.