Carbery profits up after a ‘solid performance’

CARBERY Group, the cheese-to-ingredients business based in Ballineen, Co Cork, has reported a good year for 2005.

In a difficult market the group achieved a modest increase in turnover to €181m from €178.9m, while profit before tax rose from €4.3m. to €5.1m.

During the period the EU set about implementing the second phase of the its mid-term review while the Commission acted aggressively to cut dairy supports.

Given that background “this was a solid performance”, said Carbery chief executive, Dan McSweeney.

Carbery’s pre-tax margin of 2.8% was achieved in the context of supporting milk prices in a weakening dairy market, and against very high energy prices, he said.

Energy costs are now a major issue for the whole dairy industry, which uses high amounts of energy and energy inflation has pushed costs up by several cents extra per gallon, he said.

In 2005 the cheese division enjoyed a good year, benefiting from good demand in Europe and in Britain in particular.

Ingredients also did well for the group, said Mr McSweeney.

Nutritional and functional whey proteins are now provided by Carbery Food Ingredients, which has been identified as a key market segment of the food market.

Carbery is owned by four West Cork Co-ops - Bandon, Barryroe, Lisavaird, and Drinagh.