Belfast Telegraph

Dairygold reveals profits up by a third

Cork-based food business Dairygold has announced a 33% increase in operating profit to €27.3m (£22.5m).

In results published yesterday, the farmer's co-operative reported that revenues for 2013 rose by 16% to over €847m (£699m).

The company also said that milk output was 4% higher at 959m litres, a good indicator of Dairygold's milk suppliers' desire for expansion.

Turnover for last year rose by €116m (£96m) to an impressive €847m, while earnings before interest, taxation, depreciation and amortisation (Ebitda) increased by 19% to €45.4m (£37.5m).

Chief executive Jim Woulfe said: "The excellent financial results achieved in 2013 represent the continuation of the positive trend of the past number of years.

"Our strong financial position, combined with a thought out expansion strategy ensures that the Dairygold business is ready for growth.

"This will be achieved, both organically in a post quota environment and with strategic acquisitions as appropriate," he added.

Dairygold's results come after Kilkenny-based dairy firm Glanbia Ingredients Ireland Limited bought Fivemiletown Creamery in Co Tyrone.

It's thought the deal will result in the closure of the creamery.

Belfast Telegraph