Dairy giant Müller has reported £65.3 million in losses over the past year, despite a sales increase of over £100 million.
Müller's UK and Ireland division reported pre-tax losses of £65.3 million in 2023, following a loss of £6.2 million in 2022.
However, the financial results, revealed through the release of delayed accounts, also indicated that the dairy manufacturer's sales rose from £2.33 billion to £2.43 billion during the same period.
The company attributed its performance to a 'one-time loss' resulting from its decision to divest from the Milk & More business, which was completed at the end of last year.
It said: “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 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 Yogurt & Desserts [MYD].”
Müller added: “Muller UK & Ireland Group is now well set up to deliver further profitable growth. A well invested and enhanced network, coupled with a balanced business comprising a wide portfolio of products across categories and markets enables a positive future.
“The business has healthy relationships with its supplying farmers and those elected to represent them, and has strong long-term strategic partnerships with retail partners that are characterised by service, quality, resilience and a robust sustainability action plan.”
The results follow the Competition and Markets Authority (CMA) clearance of Müller’s acquisition of family-owned Yew Tree Dairy in October, a move aimed at strengthening production for the West Lancashire-based fresh milk and cream producer.
