Exporting about 60% of Ireland’s dairy products, Ornua has reported a solid set of results for 2014. Turnover for the year was up 10% to €2.34m on the back of increased volumes and prices. The strong performance was boosted by investment in the development of new routes to market for Irish dairy products.

Profit before tax was up 23% to €28.1m while operating surplus increased 17% to €30.3m. On the back of this out-turn, a €12m bonus was declared to members, including a cash bonus of €7.5m, up 15% on 2013. Net assets grew 4% to €436m.

Commenting, Kevin Lane, Ornua CEO said: "2014 was a year in which we significantly increased the capacity of our business through brand growth, innovation and in-market investment. We enter into this new era for Irish dairying in an excellent position, with a strongly performing organisation, geared for growth.”

Ornua has invested significantly in the past number of years; including a €36m spend in brand development and market support. This investment to prepare for the post-quota era saw Ornua ending the year with €99.3m of debt.

During the year Ornua purchased an additional 41,000 tonnes an increase of 16% from its members. It is on target to open its €36m Kerrygold production and butter packing plant in Mitchelstown Co Cork, in spring 2016.

Ornua is focused on developing markets in China, North Africa and the Middle East and extending the brands beyond Kerrygold.