Lorcan Roche Kelly

1 week ago | farmersjournal.ie | Lorcan Roche Kelly

The European Central Bank cuts its key interest rate by 0.25% on Thursday and warned that the major escalation in trade tensions is likely to lower growth in the euro area, and may drag down investment and consumption. The bank said that the economic outlook as a whole is clouded by “exceptional uncertainty”, a sentiment echoing comments from Irish food businesses who have spoken to the Irish Farmers Journal over recent weeks.

1 week ago | farmersjournal.ie | Lorcan Roche Kelly

Ornua CEO Conor Galvin remains optimistic about the prospects for the Kerrygold brand, particularly in the key US market, despite the uncertainty created by what he described as “global trade tensions”. While the processor had increased shipments across the Atlantic in the run-up to the introduction of extra tariffs, Galvin said that retail demand remained very strong, meaning that actual stocks in the US had not grown considerably beyond what would be usual for the time of year.

1 week ago | farmersjournal.ie | Lorcan Roche Kelly

When Glanbia shareholders gather for the company’s annual general meeting at the end of this month the mood in the room is likely to be fairly grim. Since the last AGM Glanbia’s share price has dropped by more than 40%, wiping around €1.7bn off the value of the company. The largest shareholder, Tirlán has seen its plans for a major investment fund hollowed out by the tumble.

1 week ago | farmersjournal.ie | Lorcan Roche Kelly

Conor Galvin, appointed CEO of Ornua in May last year summed up the co-op’s performance when talking to the Irish Farmers Journal by saying “we’ve held our own in terms of overall business.”The financial results for the year back this up, with revenue at the owner of the Kerrygold brand coming in at €3.4bn for the third year in a row while operating profit before exceptional items and the Ornua value payment to member co-ops grew to €130.5m, up from €116.8m in 2023.

1 week ago | farmersjournal.ie | Lorcan Roche Kelly

Ornua, the country’s largest exporter of dairy products and owner of the Kerrygold brand, reported an 11.8% increase in operating profit for 2024 to €130.5m, not including the value payment of €72.8m to member co-ops. Turnover for the year was little changed at €3.394bn, with the co-op purchasing 353,000t of Irish dairy products amounting to more than €2bn.