Ornua reports higher turnover and a record year for Kerrygold
Conor Galvin, Ornua Chief Executive Officer
Ornua, Ireland’s largest exporter of dairy products and owner of the Kerrygold brand, has published its operating and financial results for the 12 months ending 28 December 2024, reporting a group turnover of €3.4 billion and EBITDA of €165.5 million.
One highlight was the performance of Kerrygold, which strengthened its position as Ireland’s most successful food brand with approximately 12 million retail packs of Kerrygold butter and cheese sold globally every week. It is a performance driven by growth, investment in new products, and brand activations across multiple territories, the company says.
In the US, Kerrygold continued to experience volume sales growth, further strengthening its position as the number two branded butter in the world’s largest consumer market. Kerrygold reached a record number of US households in the year, supported by the introduction of a new one-pound butter block, representing a category first in the market.
Kerrygold Park, the global home of Kerrygold butter production, had a record year for output following its first full operational year after the completion of a major expansion project in 2023. In the UK, Kerrygold ended 2024 as the number two block butter brand and the fastest-growing brand in the category.
Conor Galvin, CEO, Ornua says, “I am pleased to report a solid business performance for 2024 where operative profit was up 11.8% on the previous year. Our teams around the globe responded well to difficult market conditions to deliver for our member co-operatives, our customer partners, and the consumers that enjoy our products. I am proud to see Ornua continue to achieve its mission of providing Irish dairy farmers with a trusted route to value, resulting in over €2 billion in premium Irish dairy product purchases in the year.”
However, it may be rough waters ahead, the company says. The global dairy market experienced a year of mixed fortunes overall. The first half saw a slight dip in milk supply, but a recovery in the latter half left annual supply flat overall. European retail sales remained healthy despite inflation, with cheese outperforming butter and own-label products gaining traction. The foodservice sector struggled to regain momentum. Global dairy exports were stable, but the demand-supply dynamic, coupled with buyers’ reluctance to hold high-priced stocks, resulted in a spike in commodity prices. European milk prices rose steadily, driven by strong butter prices, and remained above the five-year average.
Looking ahead, European dairy commodity prices could align with global levels, while global trade tensions remain among the key potential shock factors in the months ahead. Irish milk supply was bolstered by a late surge in the fourth quarter of 2024, though this uplift followed an extended period in which supply was largely constrained.
