Dairygold recorded a 24% increase in operating profit last year, as its revenues broke the €1 billion barrier.

The dairy and agribusiness co-operative had an operating profit of €35.8m - up €6.9m year-on-year - while revenues rose €27.5m to 1.02 billion.

Dairygold said its milk suppliers expanded production by 50 million litres during the year.

That brought total output close to 1.4 billion, a 65% increase on the amount produced before milk quotas were abolished in 2014.

It invested €85m in capital products, which largely formed part of the second phase of its post-quota investment programme.

Its the net value of its assets stood at €373m by the end of the year - up 10% - while its net debt stood at €157m.

"Dairygold delivered a strong financial result in 2019, supported by robust performances across our dairy and agri-businesses and favourable property transactions," said Dairygold CEO Jim Woulfe. "A decade of capital investment has now delivered significantly increased processing capacity and a more efficient dairy processing capability."