The Irish Dairy Board increased its sales by 6% to €1.9bn in 2010, in a year which saw its operating surplus fall to €26.9m from €40.2m in 2009.
Announcing its full year results, chief executive Kevin Lane described 2010 as a ‘transitional year for the business’, which operates in more than 80 countries.
The board noted record sales of Kerrygold-branded produce, which increased by 18% in value and 7% in volume.
The payout to co-operative members will amount to €11.7m: €7.7 in redeemable loan stock and a €4m year-end bonus.
The board said net assets were up €18.5m to €402.9m at the end of the year, and €19.8m had been invested in its capital development programme.
Mr Lane said the development of the board’s strategic plan to reposition the business for the future was ongoing. “Against the background of a weak global economy, our brands business achieved a record performance,” he said. “Overall, the business reports a satisfactory performance in 2010 with the exception of our US speciality distribution business, DPI, where margins, in common with the broader market, contracted sharply.”
He said it had been a challenging year, but in the UK the Kerrygold brand had continued to strengthen its premium position.
In Germany, the new Kerrygold Extra butter delivered sales of over €20m in its first year, he said. BeoMilk, a fat-filled milk powder, was successfully launched in subequatorial Africa.
Source: The Irish Times
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