Despite a drop in sales, Volac Ireland saw its profits increase for its 2019 financial year. Accounts recently filed with the companies office (CRO) show that Volac Ireland recorded operating profits of €3.8m in 2019, which was up 3% on the previous year.
Profit margins for Volac Ireland increased from 10.5% in 2018 to a very robust 11.8% last year.
Overall, Volac Ireland recorded a 3% increase in pre-tax profits to €3.9m. Although profits were up in 2019, Volac Ireland saw its sales for the year fall by 9% to just over €32m.
The accounts show that Volac’s sales in the Republic of Ireland were down 9% to €24.2m, while sales in Northern Ireland were down 7% to €7.9m. Volac Ireland is a subsidiary business of Volac International, the UK-based dairy ingredients and animal nutrition group owned by the Neville family.
The island of Ireland accounts for a little over 10% of Volac International’s entire business. In 2018, the company invested €3.3m to build a new milk replacer manufacturing facility near Kells, Co Meath.