Ornua Co-operative Limited, Ireland’s largest exporter of Irish dairy products has today published a review of its 2014 operational and financial performance.  

Turnover rose by 10% to €2.34 billion, helping to drive a Group Operating Surplus of €30.3 million. This was achieved alongside considerable investment across the business including a €36 million spend in brand development and market support.  In addition, purchases from members were up 41,000 tonnes on 2013, an increase of 16%.  Profit Before Tax rose to €28.1 million, up 23% year-on-year. On the back of this outturn, a €12 million bonus was declared to members, including a cash bonus of €7.5 million, up 15% on 2013.

A substantial increase in investment in M&A and Capital Expenditure activity in 2014, in preparation for the increased Irish dairy volumes post quota, saw Ornua end the year with €99.3 million of debt. The Group Balance Sheet is very strong with net assets of €436 million. In 2014 the Group successfully secured new five-year syndicated bank facilities totalling €420 million.  These new increased facilities provide Ornua and the Irish dairy industry with significant funds to meet domestic expansion and international growth requirements. 

Ornua owns the iconic Kerrygold brand. They currently supply dairy branded products and ingredients to over 110 markets around the world.

Ornua CEO, Kevin Lane said, "In addition to an excellent financial performance, 2014 was a year in which we significantly increased the capacity of our business through brand growth, innovation and in-market investment. We enter into this new era for Irish dairying in an excellent position, with a strongly performing organisation, geared for growth."

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