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April 17, 2014

IRELAND: Profits up at The Irish Dairy Board

Higher sales from consumer foods and from ingredients have helped annual profits increase at The Irish Dairy Board.

By Dean Best

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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