Profits slump at dairy co-op

The former Donegal Creameries endured a torrid 2014 with revenues and profits faltering significantly in the year, figures show.

The company — rebranded in 2013 as Donegal Investment Group — blamed the disappointing performance on challenges in its seed potato and animal feed businesses. Group revenue declined by almost 7% to €80.7m from €86.7m in 2013, which in turn contributed to a reduction in adjusted operating profit of €2m.

The rapidly dwindling profits saw almost 70% wiped off 2013 levels with operating profits of €0.9m.