The board of Lakeland Dairies has decided on a price for milk supplied in March, with the price remaining unchanged.

A base price of 48.75c/L (at 3.6% butterfat and 3.3% protein) will be paid for March milk in the Republic of Ireland (ROI), which is inclusive of the 0.5c/L Sustainability Incentive Payment. The base price has been held from last month, Lakeland said.

In Northern Ireland, a base price of 39.8p/L will be paid for milk supplied in March which is inclusive of the 0.5p/L Sustainability Incentive Payment. The base price for Northern Ireland suppliers has also been held from last month.

Lakeland said: "The global dairy supply [and] demand dynamic remains relatively stable. Concerns over geopolitical tensions and their impact on the global economy and consumer sentiment are likely to have the biggest influence in the short to medium term.

"Lakeland Dairies will continue to monitor the markets and will endeavour to support our farmers as best we can," the processor said.

Lakeland has reported a net profit before tax for 2024 of over €21 million, after the almost €10 million loss incurred in 2023.

The processor has announced its financial results for 2024, saying it has seen a “strong performance for the year”.

Group revenue increased to €1.75 billion from €1.6 billion, which Lakeland said came as a result of an increase in value-add sales, as well as an increase in general dairy market pricing, particularly for butter in the second half of 2024.

Earnings before interest, tax, depreciation and amortisation (EBITDA) for 2024 was €73.3 million, compared to €43.4 million in 2023.

Net earnings before tax was €21.3 million, a “significant improvement” on the loss of €9.75 million in 2023.

The group reported an operating profit (before exceptional items) of €42.2 million, compared to €14.8 million for 2023.