The Staffordshire-based firm saw pre-tax profit grow to £11.6m for the full year, up from £8m in 2021, while turnover increased 20% year-on-year from £400m to £480m.
The increases were driven by volumes remaining stable despite the impact of inflation on prices. Net assets rose in value to £54.7m, up from £47.9m a year prior.
Ornua Foods UK produces Pilgrims Choice, the number two branded cheddar in the country, as well as block butter staple Kerrygold, which celebrated its 60th anniversary in 2022.
The firm also invested in its cheese facility in Leek, Staffordshire with the introduction of new cutting and packing technology. In addition, fully recyclable packaging was rolled out across its Pilgrims Choice and own-label grated cheese ranges.
Ornua Foods UK is part of Ornua Group, the largest exporter of Irish dairy products in Ireland.
‘Uniquely challenging year’
Managing director for Ornua Foods UK, Simon Ball, described the results as proof of a “positive performance” by the firm, despite the “uniquely challenging” circumstances generated by the cost-of-living crisis.
“We responded to this market pressure through close engagement with key suppliers and customer partners to agree sustainable pricing structures and by leveraging the resources, scale, and expertise of the Ornua Group,” said Ball.
“While we also continued to invest in industry leading cheese cutting and packing technology; new, more environmentally friendly packaging formats; and creative brand marketing activity.”
Ball added that ongoing investment in its facilities would allow the firm’s collection of brands to thrive in the competitive dairy product marketplace.
“Our long-term strategic focus is on driving continuous improvement; delivering best in class category expertise and support to customers; building a strong innovative portfolio of own-label and branded products; and optimising experience in dairy commodities,” he said.