Canadian dairy co-operative Agropur has hailed its “best performance in its history” as sales jumped on the back of higher exports and improved US dairy prices.
The company said that sales increased to C$3.6bn (US$3.62bn) in the 12 months to 29 October 2011, up from C$3.34bn in the previous year. Revenues were boosted by the group’s acquisition of US dairy ingredients maker Main Street Ingredients in December 2010. Agropur insisted that this acquisition meant that the cooperative now has a “solid asset base” that will enable it to “take advantage” of growth in the US and other export markets.
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“Total sales in our cheese divisions grew by 17% in 2011, with 36.3% of sales coming from the United States. This increase is mainly due to contributions from the Main Street Ingredients and Hull, Iowa plants, as well as the increase in dairy product prices in 2011, particularly in the United States,” Agropur CEO Pierre Claprood said.
The dairy coop also emphasised that it has maintained its focus on innovation with the introduction of new products, such as Rondoux washed-rind cheeses, the addition of Rivière Rouge and Seigneurie du lac des Deux-Montagnes cheeses to the Agropur Signature line, the Champfleury, Oka and Brie fine cream cheeses, the Natrel lactose-free creams, and two new Natrel chocolate milks.
In its 2011 financial review, Agropur said earnings from operations totalled C$264.5m and earnings before patronage dividends and taxes rose to C$164.8m, a 9% increase over last year.
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