Ornua has reported increases in profit and turnover for 2015, with group EBITDA growing by 18% to €58.8 million, and an increase in group turnover of 9% to €2.5 billion.
The 2015 result also includes a €9 million increase in brand and market development investments, and significant product price support for its members.
Ornua closed the year with a net debt of €17 million, and what it describes as a strong balance sheet with net assets of €526 million, up 21% on the previous year.
2015 was considered a challenging year for the dairy industry, in which it faced a combination of strong supply and weak demand, driving a fall in global prices. Globally, milk supply grew by over 5% during the January 2014 to December 2015 period, while demand only grew by 3%.
Kevin Lane, CEO of Ornua commented on the results, “We are very pleased to report a solid 2015 performance across our Foods and Ingredients businesses. In the first year following the removal of EU milk quotas and the first year of the Ornua identity, we have delivered growth in existing and new markets.
"We are confident that, whilst recognising the challenging market conditions that exist, our business will continue to deliver strong returns and growth thereby enhancing value for the farmers we represent."
Some of Ornua’s operational highlights for 2015 include seeing its Kerrygold brand reach retail sales of around €740 million, with it being named the No. 1 butter brand in Germany and No.3 in the US.
Kerrygold also saw the construction of the Kerrygold Park facility in Co. Cork, which was designed to ensure a world-class supply chain to meet the changing needs of the brand’s customers around the world.
© 2016 - Checkout Magazine by Jenny Whelan.