Ornua Foods UK reports 2023 results
Credit: Ornua Foods UK
Ornua Foods UK, a UK supplier of retail packed cheese, has published its operating and financial results for year ended 30 December 2023. Results show a turnover of £524 million (€621.5 million, 2022: £480 million, €568.3 million).
The year-on-year increase reflected stable sales volumes achieved over the year and the agreeing of sustainable pricing structures with valued customers to address continued inflationary pressures impacting the entire supply chain. Pre-tax profit remained unchanged at £11.6 million (2022: £11.6 million). The company had net assets of £64.3 million (2022: £54.7 million) at the balance sheet date.
Simon Ball, managing director of Ornua Foods UK says, “I am pleased to report a stable performance at a financial, operational, and commercial level for 2023. Despite continued volatility in the marketplace, the business remained committed to driving continuous improvement, delivering best-in-class category expertise for our customers, strengthening our own-label and branded product portfolio, and optimising experience in dairy commodities.”
“Looking ahead, we expect the external commercial environment to remain highly competitive. By leveraging the experience and agility exhibited in response to market challenges in recent years, I am confident that Ornua Foods UK is well-positioned to continue to meet the needs of our growing customer base.”
During 2023, the company continued to invest in capital expenditure and marketing. This included further investment in cheese cutting and packing technology at Ornua’s cheese packing facility in Leek, Staffordshire, which further enhanced the company’s packing capacity and capabilities.
Retail sales were supported by brand marketing activities. Pilgrims Choice, which is the second largest branded cheddar in the UK, was supported during the year by sustained investment in highly creative and disruptive multi-channel advertising. The ‘Taste Matters’ campaign, which reached 20 million households, highlighted the brand’s consistent quality and superior flavour.
Kerrygold maintained its position as the number three branded block butter in the UK, continuing to occupy a premium position versus competitors. Multi-channel campaigns focused on showcasing Kerrygold’s usage across numerous meal occasions.
