Profits at Carbery double to €6.8m

PROFITS AT one of the State’s leading food ingredients manufacturers doubled last year as the company increased its presence in the global food ingredients market.

Pre-tax profits at the Carbery Group grew to €6.8 million in 2010, up from €3.1 million the previous year. Turnover rose by 22 per cent to €224.3 million from €183.8 million in 2009 as the company benefited from increased global demand for dairy products and ingredients.

The west Cork group, which is owned by four Cork co-ops, Bandon, Barryroe, Lisavarid and Drinagh, is best known in the domestic market as the producer of Dubliner cheese.

The company has been increasing its focus on the burgeoning food ingredients market in recent years through its flavours and taste business Synergy and its whey protein-based nutritional ingredients business, which makes protein product for infant nutrition, sports food, clinical nutrition and dietetic products.

The Group exports 87 per cent of its product. As well as its centres in Cork, it has operations elsewhere in Ireland, Britain, the US and centres in South America and the Far East, employing about 400 people.

Carbery’s cheese business had a “solid year”, according to the company, with the business improving towards the end of the year as prices recovered. Dubliner cheese maintained its market share in Ireland, helped by continued brand investment and advertising. It also achieved US volume growth.

The nutritional ingredients business also performed strongly, with the company’s sports performance nutrition range, Kinetica, achieving market growth in Ireland, helped by product launches and marketing. The brand was launched in the UK this year.