Müller UK & Ireland is back in the black, posting its biggest profits in more than a decade. It follows the dairy giant swallowing a sizable loss in 2023.
The group said it was now ready for “long-term profitable growth”, according to newly filed accounts for the year to 31 December 2024.
Pre-tax profits at Müller hit £34.3m for the period, compared with a loss of £65.4m in previous year. The deficit in 2023 came despite an otherwise solid year of trading as costs of more than £70m linked to its sale of loss-making subsidiary Milk & More to Freshways pushed it into the red.
Operating profits almost tripled in 2024 to £39.6m as the group expanded margins and grew sales and volumes.
Directors said the company’s underlying performance was now “better reflected” in its balance sheet.
Revenues rose by 0.9% to £2.5bn, thanks to contract wins by its Müller Milk & Ingredients division and the “successful” performance of its Corner Originals yoghurt range.
Cost of sales at the group, meanwhile, fell by £38.1m, thanks in part to lower farmgate prices in early-mid 2024.
Müller’s turnaround has been over five years in the making, with its original Project Darwin turnaround plan launched in 2019 to combat half a decade of losses totalling several hundred millions of pounds.
The plan was initially successful as Müller posted £16.4m and £24.2m profit in 2020 and 2021, but it fell back into the red in 2022 as a result of the impact the Covid pandemic had on the dairy sector.
Now on more solid ground, Müller said it had continued to invest in marketing and capex in 2024 in an effort to “fuel future growth”. Directors highlighted its Müller x Myprotein range as “giving Müller a significant opportunity for future growth within this fast-growing category”.
The supplier’s acquisition of dairy processor Yew Tree Dairy in late 2024 had likewise added “significant” milk drying capacity, which would not only improve the resilience of the network but also enable future growth into export markets.
“In 2024, the business invested significantly in strengthening its production capabilities and in its operations to enable the business to tap into global dairy consumption growth, unlock additional export opportunities and continue to drive supply chain resilience,” Müller’s accounts said.
“This has set the business up to achieve long-term profitable growth and continue to reinvest into the UK dairy market.”
One such reinvestment came in April 2025, with Müller’s £100m-plus acquisition of kefir brand Biotiful – a deal that launched Müller into the rapidly growing functional health yoghurt and drinks segment.
Biotiful, which jumped from £19.5m in sales to £35.5m in 2023, would be helped to “realise its growth ambitions” following the deal, Müller said.
Müller Yogurt & Desserts CEO Richard Williams said at the time it was “a business we have long admired: it is one of the fastest-growing brands in the sector, has great-tasting products and a real focus on consumer and innovation”.
Further investment followed in July when Müller confirmed a £45m investment into the former Yew Tree Dairy site in Skelmersdale to boost powdered milk production capacity by 30%.
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