Connacht Gold reports 16% rise in turnover24/04/2012 - 16:06:44
Connacht Gold has reported that their turnover reached €345m compared to €296m in 2010, a 16% increase in 2011.
Operating profit for the dairy, consumer foods and agri-business co-operative was €3.29m, compared to €3.24 in 2010.
The increased turnover was driven primarily by a "substantial" increase in the value of dairy ingredients sales and a record year for sales in its livestock marts business.
Dairy Ingredients turnover rose almost 40%, from €60m in 2010 to €83.5m while sales at the co-op’s four livestock marts increased by 30% to €90m.
The co-op’s net debt was down from €18m to €7.8m. The main drivers were an improved working capital position, continued focus on operating costs and proceeds of a share disposal. Capital expenditure in 2011 amounted to €7.2m.
Connacht Gold chief executive Aaron Forde said the figures represent a steady performance.
Mr Forde said: "Our operating profit was modest, but is reflective of our commitment to maximising returns to our members and the strong investment programme pursued in 2011.
"We continued to invest heavily in the company across all business units. The acquisition of the milk and retail stores businesses from Donegal Creameries at the end of the year will grow the business significantly and consolidate our position in consumer foods, dairy ingredients and retail stores.
The emphasis in 2012 will be on consolidating the enlarged business and ensuring our customers, members and suppliers benefit."
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