Golden Vale looks to grow profits by cutting costs

Golden Vale expects to see an overall improvement this year on its strong performance in 1998, chairman Mr Pat McKenna told the group's annual general meeting yesterday.

He said the group's trading performance since the year end was "satisfactory", despite continuing pressures on margins in the milk processing sector. The group operating profits for 1998 were up 17.3 per cent to £23.4 million (€29.7 million). Group sales were £579.6 million (€736 million).

Mr Murphy said the group was working with its milk suppliers to reduce costs and improve returns in the same way as it was addressing its own processing efficiencies and cost issues.