PRETAX PROFITS at Donegal Creameries rose by €2.5 million to just over €4 million in the first six months of the year, ahead of market expectations, with the listed company predicting a “solid” full-year performance.
Turnover at the firm, which comprises three divisions – dairy, agribusiness and property – was up 4.9 per cent to €60.6 million.
Adjusted earnings per share (EPS) increased by 150 per cent to 34.9 cent in the period. The company said EPS remains on target to be at least in the range of 65-70 cent for the full year assuming current trading conditions continue.
The company maintained its interim dividend at seven cent.
Although turnover in the dairy division was up 21.9 per cent to €28.2 million, profit fell 64 per cent to €349,000. However, this was offset by significant growth in sales of new added value products.
The agribusiness recorded a profit of €600,000, while the company said there had been no disposals or acquisitions of property.
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