Dairy giant Müller has been hit with £65.3m in losses over the last year, despite experiencing a rise of over £100m in sales.

The UK and Ireland arm of Müller reported pre-tax losses of £65.3m in 2023, after also making a loss of £6.2m in 2022.

However, the financial results, revealed through the publishing of delayed accounts, also showed that the dairy manufacturer’s sales increased from £2.33bn to £2.43bn in the same period.

It chalked its performance up to a “one-time loss” following 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.”

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“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 come after the Competition and Markets Authority (CMA) cleared Müller’s acquisition of family-owned dairy company Yew Tree Dairy in October, a deal which looks to bolster production for the West Lancashire-based fresh milk and cream producer.