Dairygold Co-Operative Society has reported a turnover of €964m for 2003 and achieved operating profits, before exceptional costs, of €15.6m, up 114% on the 2003 figure.
During the year activities with losses of €3.3m were eliminated and exceptional costs of €46.5m from the termination, re-organisation and restructuring of businesses were incurred.
Net debt at the end of the year was reduced by €5.8m to €126.3m after incurring significant once off rationalisation costs.
The co-op said the 2003 outcome contrasts sharply with the prior year performance when Dairygold lost €3.4m on its business operations, before the profit on disposal of IAWS plc shares.
'We hit the targets we set for ourselves in 2003,' commented Dairygold CEO Jerry Henchy. 'We have begun the process of transforming Dairygold into a business capable of competing on world markets in the challenging times ahead.'
During the year Dairygold outsourced its transport division and also reduced its workforce by 825 through redundancy, retirement and the transfer of employment.
'2003 was the year in which we began to put in place a disciplined planned process and winning capability,' Henchy said. 'We have set ourselves the goal of, by 2008, being the leading value added dairy processor in Ireland and the leader in our chosen consumer foods segments across Ireland and the UK,' he said.
'We have made an excellent start in 2003 and we will continue to move forward with clarity and resolve in 2004,' he added.
