Glanbia’s mozzarella cheese business, based at Magheralin, Co Down, and Llangefni in Wales has reduced profits and turnover for the 2020 financial year in difficult trading conditions caused by the combination of Covid-19 and Brexit.

Turnover for 2020 was £285.7m (€334.5m) compared with £300.2m (€351.5m) in the previous year, while operating profit was £25.1m (€29.4m), down from £31m (€36.3m) the previous year.

Brexit presented a dual risk to the company for raw material supplies and finished product. Mitigation measures were put in place, including additional storage, which increased overheads in 2021 and will also feature in 2021. Stocks of finished goods were valued at £7.7m (€9m) at year-end compared with £3.8m (€4.4m) for 2019 . Continuing to work through the COVID-19 pandemic also added to the company’s costs for the year.

Meanwhile, Candian investment company Mawer has further reduced its shareholding in Glanbia plc, selling €29.2m of shares last week in addition to a similar sale at the end of June.

Glanbia share price closed at €14 on Tuesday evening.