Irish Dairy Board reports 87% rise in profit in 2013Wednesday 16 April 2014 09.13
The Irish Dairy Board has reported an 87% jump in pre-tax for last year, up €10.6m to €22.8m.
Turnover at the company was also up in 2013, rising 5% to €2.12bn.
In a statement, the board says that last year was a dramatic one for dairy markets.
Drought in New Zealand, a prolonged winter in Europe led to a reduction in milk output levels in the first half of the year, creating milk scarcity.
This – combined with growing demand from countries like China – pushed prices up in the first half of the year particularly.
Looking to the future, the IDB says it is “well-positioned for expansion” when milk quotas end next year, with new products being launched for foreign markets in 2013, and marketing teams now established in Russia, China, Saudi Arabia and Africa.
The company also said it was debt-free by the end of last year, and had €51.9m cash on hand.
50 jobs to be created following €30m investment
Meanwhile, the IDB has announced plans for a €30m investment in Mitchelstown, Co Cork, which will create 50 new jobs.
The investment will fund a 50,000 tonne-capacity butter production and packing facility and an innovation centre for Kerrygold.