Irish Dairy Board reports jump in profits

The Irish Dairy Board has recorded an increase to €22.8 million from €10.8m for 2013, an increase of 87%. Turnover was also up, rising by 5% to €2.12bn. The company also announced it was debt-free by the end of last year, with €51.9m in cash on hand. The IDB says it is “well-positioned for expansion” when milk quotas end next year, with new products planned and marketing teams launched for markets such as Russia, China, Saudi Arabia and Africa. The IDB is planning a €30m investment for its butter and packing facility in Mitchelstown, which will include an innovation centre for Kerrygold.

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