Dairygold profit rises by 33 per cent to €27.3 million

Dairygold recorded a 33 per cent increase in operating profit to €27.3 million last year.

The farmer’s co-operative said the jump in operating profit was generated after it paid a leading milk price and €7.5 million in year-end bonuses to milk suppliers and trading customers.

Turnover for the year increased by €116 million to €847 million, while earnings before interest, taxation, depreciation and amortisation (Ebitda) climbed 19 per cent to €45.4 million.

Dairygold said it recorded its highest ever annual milk intake from suppliers of 959 million litres last year.

Dairygold chief executive Jim Woulfe said the financial results achieved in 2013 represent the continuation of the positive trend of the past number of years.

“Our strong financial position, combined with a thought out expansion strategy ensures that the Dairygold business is ready for growth. This will be achieved, both organically in a post quota environment and with strategic acquisitions as appropriate.”