Bright Dairy & Food said net profit rose 30.4% in 2013 on strong demand for dairy products that was offset by higher costs due to raw milk shortages in China which pushed up prices locally and internationally.

Dairy cooperative Arla Foods has nearly doubled the number of British farmers that are owners in its business as the company works to raise sales in international markets like Africa and China, where demand for dairy products is growing.

Huishan Dairy plans to raise up to $1.3bn (€1bn) in a Hong Kong initial public offering to fund its expansion, with the world’s No 2 economy expected to catch up with its Asian peers in the consumption of infant formula, yoghurt and fresh milk.