Ornua posts turnover rise to €2.5bn in 'a challenging year' in dairy
Published 21/04/2016 | 02:30
THE CHIEF executive of Ireland's largest dairy exporter Ornua hopes the vote on Brexit in June will put a "floor" on the uncertainty in the marketplace.
In the first year since quotas on the production of milk were removed, the rebranded dairy exporter formerly known as the Irish Dairy Board, recorded a 9pc rise in turnover to €2.5bn and an 18pc rise in earnings before exceptional items to €58.8m last year.
Sales of its well-known Kerrygold brand surged to €740m.
It comes despite a "challenging year" that saw a 16pc surge in supplies from Ornua farmer members to a record 286,000 million tonnes combined with a worldwide slump in the marketplace.
Ornua CEO Kevin Lane said the impact of the upcoming referendum on the UK potentially exiting the EU was resulting in uncertainty in the business sector.
"For us it is important as about a quarter our global turnover is actually with our closest trading partner the UK," said Mr Lane.
"We'd prefer the status quo was maintained we don't think it is a good thing for our business or for Irish businesses outside of dairy.
"We hope that a floor gets put under it in June."