Dairy co-operative Irish dairy board (IDB) has reported that its net revenues increased by 2.4% to €2.02bn for the fiscal 2012, compared with €1.98bn in 2011, driven by growth in its Consumer Foods and Dairy Trading & Ingredients divisions.
For the full-year, earnings before interest, taxes, depreciation, and amortization (EBITDA) increased 10.8% to €42.1m, compared with €38m in the earlier year.
Segment-wise, the co-operative's Consumer Foods division posted branded sales growth in all of its core markets - the UK, Germany, and the US - with total branded volumes up 7% in the year driven by increased investment in marketing and product innovation.
The Dairy Trading & Ingredients division reported a strong performance in the year, driven by strong contributions from the group's Irish and international added-value cheese ingredients and trading operations. The results reflect the first full year contribution from Thiel Cheese & Ingredients and a half year contribution from the Cheese Warehouse.
For the US Distribution division, DPI, the retail landscape and distribution sector remain very competitive despite the gradual recovery of the US economy. The business underwent a fundamental restructuring, which included the development of a new strategic plan, increased focus on operational efficiency, a revised structure and the appointment of a new leadership team.
IDB chief executive officer Kevin Lane said the group achieved solid earnings growth, despite challenging conditions in the first half of the year.
"Building on the success of our iconic brand, Kerrygold, we continue to invest in innovation and product development, with over 50 new products launched in 2012 delivering a broader offering to consumers in both existing and new markets."
"The IDB continues to build sustainable new routes to market ahead of the abolition of milk quotas in 2015. With the right structures in place, we are well positioned to take advantage of the exciting opportunities emerging in our industry," Lane added.
