Pictured at the launch of the Dairygold 2016 annual results are James Lynch, Chairman; Jim Woulfe, Chief Executive Officer and Michael Harte, Chief Financial Officer. (Fennell Photography)

Dairygold has reported another solid financial performance for 2016, against a backdrop of very weak returns from international dairy markets, especially in the first half of the year.

Recording a turnover of €756.1 million against €784.9 million in 2015, the farmer owned co-operative achieved an operating profit of €17.5 million, (down €1.7 million on 2015), while increasing milk price support to its members to circa €25 million, up from €20 million in 2015.

Dairygold continued its ambitious capital programme during the year, investing a further €15 million in the business, bringing the total investment over the past six years to €200 million.

This investment established a state-of-the-art sustainable milk processing platform across dairy sites at Mallow and Mitchelstown.

Full story in this week’s Print & Digital Edition