Westland Milk Products Has Staged A Significant Financial Turnaround, Posting Record Sales And A $NZ120 Million Rebound In Profit Compared To Last Year

Westland Milk Products has staged a significant financial turnaround, posting record sales and a $NZ120 million rebound in profit compared to last year. Revenue increased 27% year-on-year to $NZ1.04 billion, a $NZ120m turnaround over 2021 enabling profit of $NZ39 million. This was on the back of record milk prices in 2022, hitting $NZ9.40 per kilogram of milk solids during the year. Westland contributed $NZ 535 million into the West Coast and Canterbury economies through milk payments to farmers in 2022. Westland CEO Richard Wyeth says it is the first time in the company’s 85-year history that have surpassed the $1 billion dollar revenue mark. He says by leveraging off the West Coast’s reputation as a source of premium dairy products and ingredients and is now paying dividends.