Carbery posts 10pc revenue dip but dairy 'stabilising'
VOLATILE global dairy markets triggered a 10pc fall in revenues at the Carbery Group last year but the Dubliner cheese owner said "stability" was returning to the dairy landscape.
The commentary came as Cork-based Carbery unveiled full-year sales of almost €184m for last year, spread across its dairy and ingredients businesses.
Despite the lower sales, the group posted pre-tax profits of €2.7m for the year against €800,000 in 2008.
In a statement, Carbery said it had suffered operating losses at its Dairy division, which was hit by both falling cheese prices and the "recessionary economic backdrop".
In contrast, Carbery's Ingredients division, which includes dairy ingredients as well as sweet and savoury taste and value added nutritionals, "performed strongly" with "robust growth in all main markets".
"Our strategy, pursued by the company over the last 10 years, has reduced our dependence on volatile dairy markets," Carbery chief executive Dan McSweeney said.
He added that the group "sees stability returning to what have become very volatile dairy markets" in 2010, though exchange rates and "moderation in milk supply growth" would also be key factors influencing the year's performance.