IRELAND: Profits up at The Irish Dairy Board
Sales of Pilgrim's Choice cheese in the UK rose year-on-year
Higher sales from consumer foods and from ingredients have helped annual profits increase at The Irish Dairy Board.
The co-operative, which counts Kerrygold butter and Pilgrims Choice among its brands, reported an 87% jump in pre-tax profits to EUR22.8m. The IDB said its "operating surplus", or EBIT, was up 25% at EUR25.8m.
The improved earnings came on the back of a 5% rise in turnover to EUR2.12bn.
Kevin Lane, CEO of the IDB, said the co-op had put in a "very strong business performance in 2013".
Sales from the IDB's consumer business were up 6%. The co-op pointed to "record volume and market share" in Germany and the US. It did not comment on the profitability of the unit.
Turnover from the co-op's dairy trading and ingredients arm grew 4%. Its sales and operating surplus enjoyed "strong growth", the IDB said.
The IDB's US speciality food distribution division, DPI Specialty Foods, also saw turnover and operating surplus rise.
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