The Irish Dairy Board booked rising sales and profits during 2011 thanks to the strong growth witnessed at its Kerrygold brand.
The dairy group said yesterday (3 May) that its pre-tax profit rose 29.1% during the 12 months, climbing to EUR20.9m (US$27.5m). The cooperative also increased its payout to members by 9.3% to EUR12.9m.
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IDB sales gained 5.2% to EUR2bn, benefitting from strong dairy markets and a 17% jump in sales of its flagship brand, Kerrygold.
“We believe trading conditions will improve but short term milk prices are likely to soften as the market adjusts to increased volumes. Based on our strategy of business transformation and investment in international markets we are optimistic that we will continue to deliver for our members,” chief executive Kevin Lane commented.
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