Dansko Foods, the Cork-based dairy company, saw pre-tax profits increase 2% last year to reach €1.34m. Privately owned by the O’Neill family, Dansko Foods’ primary business is in trading dairy ingredients such as cheese, butter, butterfats and milk powders.

The company, which employs 50 people, manufactures its own dairy products at its plant in Kilmallock, Co Limerick, while also sourcing dairy commodities from processors in Ireland, the UK, Europe and New Zealand.

Operating profits at Dansko increased 3% last year to reach €1.35m. The slight increase in profits comes despite sales for the year declining 22% to €53.7m. Increased sales to European customers last year were offset by a drop in sales to customers in Ireland and outside of Europe.

Last year, butter prices in Europe spiked to record levels above €7,000/t due to a tightening of butter stocks on the continent at the same time as buyer demand surged. Butter prices are on a similar trend this year, with prices currently trading around €6,000/t.