Irish Dairy Board Reports 6% Rise in Sales in 2010
IDB´s commercial and ingredients sector saw sales increase by 7.7pc to €468m, while the DPI speciality foods business in the US had sales of €710m but was severely hit by tighter margins.
4/7/2011 --- The Irish Dairy Board has reported an increase in sales of 6 per cent to €1.9 billion in 2010 in a year which saw its operating surplus fall to €26.9 million from €40.2 million in 2009.
The company's consumer foods division, which includes Kerrygold and Pilgrims' Choice cheese in the UK, delivered a "strong performance", said the board, with sales increasing by 38pc to €747.3m, The Irish Independent reported.
Its commercial and ingredients sector saw sales increase by 7.7pc to €468m, while the DPI speciality foods business in the US had sales of €710m but was severely hit by tighter margins.
Announcing its full year results, chief executive Kevin Lane described 2010 as a “transitional year for the business”, which operates in more than 80 countries.
"Last year was a transitional one for the business and one which saw the IDB develop its strategic growth plans to re-position the business for the future.”
"Against the background of a weak global economy our brands business achieved a record performance” “Overall, the business reports a satisfactory performance in 2010 with the exception of our US speciality distribution business, DPI, where margins, in common with the broader market, contracted sharply”.
“In 2010 we have taken major steps on our journey to transform the business and are committed to having a world class business that will deliver excellent results," he said.
The board noted record sales of Kerrygold-branded produce, which increased by 18 per cent in value and 7 per cent in volume.
The payout to co-operative members will amount to €11.7 million: €7.7 in redeemable loan stock and a €4 million year-end bonus.
The board said net assets were up €18.5 million to €402.9 million at the end of the year, and €19.8 million had been invested in its capital development programme.
