Ornua, Ireland’s largest exporter of Irish dairy products which proudly brings the unique taste of grass-fed Irish dairy to over 110 countries worldwide, have announced record revenues of €2.1 billion in 2017 as it published its operating and financial results for the year ended 30 December 2017.
This marked the first year of Ornua’s new five-year growth plan, Ornua 2021, which positions the business as a leading global dairy organisation that delivers results for its customers, consumers and stakeholders.
FINANCIAL PERFORMANCE
Ornua delivered a very strong trading performance in 2017, with Group EBITDA up 25% to €53.8 million. Turnover rose by 18% to €2.1 billion and operating profit increased by 32% to €35.2 million.
Profit before tax increased by 84% to €29.1 million. It also achieved another year of record Irish purchase volumes of 338,000t. The Group closed the year with net cash of €0.3 million.
In November 2017, Ornua refinanced its bank facilities for another five years, increasing them to €610 million, leaving it well placed to support dairy industry expansion and to drive further growth across the Group.
Operational highlights for 2017 include: Record year for Kerrygold in Germany and the US with double-digit volume growth; Strategic acquisition and integration of UK cheese ingredients business; F.J. Need (Foods) Ltd; Expansion of Ornua Deutschland’s production facility (total facility investment €60 million); Record year for Ornua Ingredients North America and €2 million shred and dice line commissioned; Opening of an innovation centre in CoreFX, a US ingredients business; Innovative white cheese ingredients products expanded to UAE, Kuwait and Oman markets; 34 new product innovations launched, including a Kerrygold shredded cheese range in Germany.
ABOUT ORNUA
Ornua is a dairy co-operative which markets and sells dairy products on behalf of its members; Ireland’s dairy processors and, in turn, the Irish dairy farmer. It is Ireland’s largest exporter of primary Irish dairy products.
Headquartered in Dublin, the group is structured across two divisions: Ornua Foods and Ornua Ingredients. Ornua Foods is responsible for the global marketing and sales of Ornua’s consumer brands including Kerrygold, Dubliner, Pilgrims Choice, Forto and BEO milk powders.
Kerrygold Park, located in Mitchelstown, houses the ‘Green to Gold’ Customer Innovation Centre, a key destination for international customer visits to Ireland.
