Business Farming

Monday 1 September 2014

Irish Dairy Board reports 87pc hike in profits

Published 16/04/2014 | 08:45

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Kerrygold is popular in Germany, amongst other countries.
Kerrygold is popular in Germany, amongst other countries.

THE IRISH Dairy Board has reported an 87pc hike in pre-tax profits for last year to €22.8m.

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Sales were up 5pc to €2.1bn.

Following a droupght in New Zealand and the longer European winter, a milk scarcity arose and prices were pushed up, especially in the first half of the year, boosted also by growing demand from China.

The IDB said it was "well-positioned for expansion" when milk quotas end next year, with new marketing teams targeting countries like Russia, Saudi Arabia and Africa.

It is also debt free.

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