The Irish Dairy Board has published a review of its performance in 2013. Turnover increased by 5% to over €2.1 billion and Operating Surplus (EBIT) up 25% from last year. Performance indicators ‘Profit Before Tax’, ‘Net Assets’ and ‘Cash on Hand’ also saw healthy growth.
Kevin Lane, IDB CEO, said: “I am pleased to report a very strong business performance in 2013, combining solid earnings growth across all divisions and enhanced product returns to our members. Our continuing investment in brand growth, New Product Development and in-market expansion is designed to ensure that our members and suppliers can expand on the basis of sustainable market demand.”
The results suggest that the IDB are well positioned for expansion in the Republic of Ireland after the abolition of milk quotas next year and has announced details of a new €30 million butter production and packing facility in Mitchelstown, Co. Cork. It will also serve as an innovation centre for Kerrygold, which reported record sales last year and announced ambitious post milk quota plans.
Lane commented; “The abolition of milk quotas in 2015 will present the Irish dairy industry with its first opportunity for meaningful expansion in the past 30 years. Our strategy is to ensure that IDB members and dairy farmers are optimally positioned to participate in this expansion opportunity through enhanced routes to market and sustainable, market led products.”
© 2014 - Checkout Magazine by Paul Campbell.