Farming & Food

Revenues at Kerrygold owner Ornua remain stable as it plots global growth strategy

Profits fall in 2023 following record sales in 2022 as dairy sector faces challenging market conditions

Ornua's Kerrygold brand is expected to continue to grow its volumes in the US

Ciara O'Brien
Wed Apr 24 2024 - 08:54

Kerrygold owner Ornua said revenue in 2023 was largely stable, with a solid trading performance after the company saw record sales in 2022.

Operating profit fell more than 8 per cent on the prior year, and earnings before interest, tax, depreciation and amortisation (ebitda) were 4 per cent lower, with the company attributing this to the challenging market conditions the Irish dairy industry faced in 2023.

Turnover last year was €3.4 billion, down just 0.7 per cent on 2022. The company sold €1.6 billion of Irish dairy products, with Kerrygold maintaining its top position in multiple markets. The brand is also expected to continue to grow its volumes in the US.

The company officially opened a €40 million development at its butter production facility in Co Cork in October, an expansion that will support plans for significant global growth at the company.

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“Ornua responded dynamically to significant instability in the global trading environment by remaining focused on our strategy and on our commitment to deliver for our customers, our member co-operatives and Irish farming families,” said interim chief executive Donal Buggy.

“Looking ahead, while there is continued uncertainty around the impact of macroeconomic factors on already challenging global market conditions, we remain optimistic about the future and focused on achieving sustainable growth in key markets.”

Ciara O'Brien

Ciara O'Brien

Ciara O'Brien is an Irish Times business and technology journalist

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