Irish dairy firm Ornua has published its 2016 financial review, which shows that turnover at the company rose by 9.1% on the previous year to €1.75 billion.
These figures were boosted by record global retail sales of Kerrygold butter, which reached €900 million in 2016, with a 20% volume growth in the United States.
Group EBITDA grew by 18.4% to €43.1 million, and the company closed the year with net cash of €57.2 million – a 431% increase on the previous year.
“We are very pleased to report a strong 2016 performance," said Kevin Lane, CEO of Ornua. "Excellent performances in established markets such as Germany and the US were accompanied by continued expansion in our developing markets of Africa, China and the Middle East."
"These results were achieved against a backdrop of significant market volatility and political uncertainty. We have built a diverse global business by investing in our brands, technology, in-market presence and our people," he said.
"Ornua now exports to over 110 countries around the world. This strategy is ensuring our ability to continue to deliver for our members and for the Irish dairy industry, even in more uncertain market conditions.”
Ornua invested €51 million in facilities, brand development, and marketing in 2016.
Last year the company upgraded its facilities in Germany and the UK, opened a new cheese plant in Saudi Arabia, and completed work on a new €38 million butter production and packaging plant in Ireland.
Earlier this year Ornua acquired FJ Need Foods, a UK-based cheese company, to strengthen its presence in the UK sector, and help achieve its target to generate revenues of €3 billion by 2021.
© 2017 European Supermarket Magazine – your source for the latest retail news. Article by Sarah Harford. Click subscribe to sign up to ESM: The European Supermarket Magazine.