Dairygold: Brexit is a gigantic threat

The Brexit threat is the gravest agri-business has ever faced in Ireland, bosses at Dairygold have warned. Dairygold chief executive Jim Woulfe said dairy, beef and rural industry faced a crisis if a hard Brexit occurred, an event which he said had “gigantic repercussions” for Ireland.

He was speaking as Dairygold announced its annual results, which saw a €17.5m operating profit for Ireland’s largest farmer-owned diary processor, down from €19.2m in 2015. Dairygold’s turnover was down to €756m in 2016, compared to €785m the year previous. However, the co-op increased milk price support to its members to around €25m, up from €20m in 2015 and reduced its bank debt by €7.5m to just under €89m.

Dairygold said it was very satisfied with the performance as it came against a backdrop of very weak returns from international dairy markets, especially in the first half of the year.