Dairy group Ornua had reported pre-tax profits of €29.1m for last year, a surge of 84% on 2016. 

Ornua also reported an 18% rise in turnover to €2.1 billion mark following a large UK acquisition - FJ Need (Foods) Ltd - and strong organic growth. 

The company said its Kerrygold brand had a record year in Germany and the US with double-digit volume growth.

A total of 34 new product innovations were also launched, including a new Kerrygold shredded cheese range in Germany.  

The company said its Ornua Ingredients North America division had a record year and it commissioned a new €2m shred and dice line. 

In the Middle East, Ornua Ingredients expanded its white cheese products offering into the United Arab Emirates, Kuwait and Oman.

In preparation for the post-Brexit trading environment, Ornua said it is reviewing a range of strategic measures to help minimise any potential negative impact.  

It said its five UK businesses are maintaining a rigourous focus on production efficiency, product quality, customer service and new product development so that it remains a supplier of choice in the UK market.

Kevin Lane, Ornua's chief executive, said that 2017 was a year of significant growth for Ornua with an excellent financial performance as it delivered year one of its new five-year growth plan. 

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"Product innovation continued at pace and allowed us to unlock new routes to market to ultimately drive value for our members, Ireland's dairy processors and Irish farmers," Mr Lane said. 

"A major emphasis on building scale and capability within our core business last year, coupled with the integration of recent acquisitions, leaves us well placed to drive further growth across our group," he stated.

"Despite volatile market conditions and Brexit uncertainties, we remain on track to deliver our 2021 vision of a €3 billion revenue business with a sustainable EBITA margin of 3%," the CEO added.

The company said its results for last year reflected the strong product price returns paid by Ornua to its members and it said it had declared a €15m members' bonus for the year, up from €9.5m in 2016.

"Ornua continues to work with members to help them manage the challenges posed by market volatility and increased the volume of purchases under fixed term contracts," the company said.

Ornua refinanced its bank facilities for another five years in November, increasing them to €610m.

It said this leaves it well placed to support dairy industry expansion and to drive further growth across the group.