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Carbery group sees €13m profit in record revenue year

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Shareholder funds at the group - best known for Dubliner cheese - increased from €110.62m to €118.1m

Shareholder funds at the group - best known for Dubliner cheese - increased from €110.62m to €118.1m

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Shareholder funds at the group - best known for Dubliner cheese - increased from €110.62m to €118.1m

Pre-tax profits rose by 17pc to €13m at the Carbery Group dairy processor.

The Cork-based group's profits jumped as revenues increased by 12pc to a record high of €318.3m.

In his report, group chief executive Dan MacSweeney said that the increase in revenues was underpinned by the growth in the group's cheese and ingredients divisions.

Mr MacSweeney said operating profits increased from €12.4m to €16m and "this performance was recorded after declaring a year end bonus of 0.5 cent per litre on all 2013 milk supplied". The group's earnings before interest, tax, depreciation and amortisation increased by 2.3pc to €25.9m. Mr MacSweeney said that "overall, Carbery's Irish business, which principally comprises its diary and nutritional business performed well in 2013".

Group chairman Donal Tobin said that the 0.5 cent per litre bonus "is a large bonus and is to be welcomed by all".

Mr MacSweeney said that the Carbery group currently has 531 employed with 220 based in Ireland and 311 abroad with the overseas workers primarily based in the US, the UK and emerging markets.

On the group's international Synergy business, Mr MacSweeney said that Synergy "had another strong year in 2013 with the business continuing to grow organically".

Staff costs increased from €31.6m to €32.92m.

Shareholder funds at the group - best known for Dubliner cheese - increased from €110.62m to €118.1m with the group's accumulated profits amounting to €39.76m. The group's cash declined from €10.69m to €5.5m.

Irish Independent