The Irish Dairy Board saw profits increase in 2012 on the back of higher revenue boosted by a 7% increase in branded sales volumes.
The co-operative, which owns brands including Kerrygold butter, reported a 5.8% rise in pre-tax profits before exceptionals to EUR16.3m (US$21.3m). EBITDA was up 10.8% at EUR42.1m.
“The group achieved solid earnings growth, despite challenging conditions in the first half of the year,” Kevin Lane, the IDB chief executive, said.
Sales grew 2.4% to EUR2.03bn. The IDB said sales of its consumer brands increased in its “core markets” the UK, Germany and the US after a 7% rise in volumes. Lane said the IDB launched over 50 products last year.
The company added the performance of its dairy trading and ingredients division was “strong” on the back of recent acquisitions.