Dairygold reap benefits of cutbacks

DAIRYGOLD shareholders will gather for their annual and special general meetings on Friday week with a 114% improvement in operating profits to re-assure them, after the worst year in the co-op's 14 year old history.

At the announcement of results for 2003, chief executive Jerry Henchy said the beleaguered group has achieved its financial targets and begun the process of transformation to a business capable of competing on world markets.

He predicted completion of an ambitious re-organisation process within about four years, re-focusing on higher margin consumer foods business, particularly branded cheese. The company has also confirmed its plan to become a lead player in the national home DIY and hardware retail sector.