Ornua records 50% increase in profits despite US tariffs on Irish butter
Consumer demand for butter soared after home baking emerged as a trend of 2020
Ornua, the Irish dairy co-op which owns the Kerrygold butter brand, recorded significant profit growth last year despite the twin challenges of Brexit and a 25 per cent tariff on Irish butter exported to the US.
Announcing full-year results, Ornua reported a 50 per cent increase in earnings (EBITDA) to just over €107 million, as earnings margins increased from 3.1 per cent in 2019 to a steady 4.6 per cent last year.
Ornua made an operating profit of €83.1 million...
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