Donegal Creameries reports 2011 revenue increase to €69.6m
DONEGAL Creameries has reported a 13.6pc hike in revenues for the year ended December to €69.6m.
But pre-tax losses before exceptional items came in at €3.2m compared with a profit in 2010.
Last year the company sold off its liquid, trade milk and agri-business to Connaught Gold as it refocused its business.
''Our key objectives of the past number of years have not changed and following the disposals of our milk and agri-stores businesses we will be in a position to increasingly focus our financial and management resources on the strategic areas of seed potato, value added dairy and associate investments, so as to deliver shareholder value,'' said chief executive Ian Ireland.
Donegal Creameries said that turnover at its produce division grew by 21.9pc to €32.3m.
After the sale of its liquid and trade milk businesses, still maintained The Different Dairy Company in Killygordon, Co Donegal, and its two UK businesses, Chef in a Box and Biogreen.
The company has returned the majority of its development land to agricultural land valuations which meant downward valuations but it added this will not be the case in the future.
Mr Hyland said 2012 will be a year to consolidate the strategic changes made to the group during 2011.