Ornua Co-op, formerly the Irish Dairy Board, reported earnings (EBITDA) up slightly to €177.4m from €176.1m (+0.7%). These are the results when the profits are calculated before exceptional items and pre-Ornua value payment (OVP), which was €78m to member co-ops in 2021.

Prior to this year, Ornua had reported the annual earnings and profit numbers post taking off the OVP. When we look at the numbers post-OVP, as has been the way in the past, earnings and operating profits are back.