Dairy giant Müller has reported losses of £65.3m over the past year despite sales growth of more than £100m.
Müller’s UK and Ireland division reported pre-tax losses of £65.3m in 2023, compared with a loss of £6.2m in 2022.
However, financial results revealed through the release of delayed accounts also showed the dairy maker’s sales rose from £2.33bn to £2.43bn over the same period.
The company explained its results with a “one-off loss” resulting from the decision to divest the Milk & More business completed at the end of last year.
It said: “After removing the non-recurring loss on the sale of the investment and the impairment loss on the investment, the company made a net profit in 2023.”
“A total loss before the membership split in 2023 does not represent the positive performance of both Muller Milk & Ingredients and Muller Yogurt & Desserts (MYD).”
Müller added: “The Muller UK & Ireland group is now well established to continue profitable growth. A well-invested and developed network, combined with a balanced business comprising a wide range of products across different categories and markets, enables a positive future.
“The company has healthy relationships with its suppliers and those who represent them, and has strong long-term strategic partnerships with retail partners characterized by service, quality, sustainability and a solid sustainability action plan.”
The results follow the Competition and Markets Authority’s (CMA) approval of Müller’s purchase of family-owned Yew Tree Dairy in October, which aims to boost production at the West Lancashire fresh milk and cream producer.
