UK dairy co-operative Ornua Foods UK has published its operating and financial results for the year ended 30th December 2023.
The company said it has achieved a turnover of £524 million (2022: £480 million), and said 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.”
Ornua’s pre-tax profit remained unchanged at £11.6 million (2022: £11.6 million), and the company had net assets of £64.3 million at the balance sheet date.
It said its retail sales were supported by “innovative brand marketing activities”, and said that that its Pilgrims Choice cheddar was supported by “sustained investment” in advertising.
Kerrygold reportedly continued to occupy a “premium position” versus competitors, as multi-channel campaigns focused on showcasing a variety of ways to use Kerrygold butter.
Simon Ball, managing director of Ornua Foods UK, said: “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.”
The year ahead
Looking forward, Ornua Foods UK said it was “committed to strengthening its position as a supplier partner of choice” through the delivery of production efficiency, product quality, customer service and new product development.
The company said its ongoing investment in its Leek cheese packing facility, for the immediate and long-term, will “continue to enhance the company’s competitive advantage” in the marketplace.
