In its results for the year to 30 April 2018, the business recorded a 27% rise in turnover from £32.2m in 2017 to £41m. This increase was attributed to dairy price inflation and a rise in the volume of milk sold, thanks to a successful contract win with two retail customers.
Its net profit before tax was £421,000, down from £586,000 in the previous year. According to the business, this was a “reflection of the competitive trading environment” and the dairy focusing on strengthening its core business positioning and production capabilities, with a view to long-term growth.
The dairy invested the £2.5m in the expansion and upgrading of its finished goods chilled warehouse, its transport fleet and new equipment to enhance its processing capabilities and efficiencies.
On the results and investment, chairman William Clarke said: “During the financial year, the business continued to grow and develop and, despite a very challenging and at times volatile dairy market, traded profitably.
“Importantly, the business undertook a range of investments and initiatives to further strengthen its core operational and commercial base, the benefit of which will be realised in the current and future years.
“These included a significant investment in its processing and product handling capabilities and the expansion of its milk pool, securing a sustainable supply of high-quality, locally produced Cornish milk in line with the business’ long term growth plans.”
Earlier this month, Graham’s The Family Dairy announced a new five-year supply partnership with Aldi, worth £55m.