'Solid performance' for creamery
PROFITS at Donegal Creameries jumped last year, as strong commodity prices drove a "solid performance", despite struggles in the dairy business.
The group said operating profit rose 14pc to €3.4m on the back of turnover, which was up 11pc to €126.2m. Those numbers translated into adjusted earnings per share of 67.7c compared to 48.9c a year ago.
The dividend was flat at 16c. Profits after tax spiked to €3.05m, compared to just €17,000 a year ago.
"The business has made a satisfactory start to the current year and we are ensuring that pro-active steps are taken to develop a successful future," said chief executive Ian Ireland.
"Turnover was driven by volume growth in liquid milk, animal feed and seed potato, increases in commodity dairy and grain prices, and full-year inclusion of our 2009 acquisitions," he said.
The dairy division struggled, however, booking a €200,000 loss, while the agri-input business made an €800,000 profit.
The business "improved significantly" on 2010, with turnover up 7pc. Donegal has a significant property portfolio, which was written down by a further €5.8m to €31m.
over the last 12 months. There are no plans to make any disposals this year.
Donegal closed up 3.02pc at €4.10.