Glanbia Cheese, the joint venture business between Glanbia plc and US-based Leprino Foods, saw pre-tax profits increase almost fourfold in 2017 to reach £37.5m (€312m).
The company, which is the largest mozzarella manufacturer in Europe, said it benefited from positive movements in currency (weaker sterling) and higher prices for dairy products in 2017.
Accounts filed with the UK companies office, show Glanbia Cheese recorded sales of £278.6m (€42m) for its 2017 financial year, a 46% increase on the previous year due to higher sales prices and volumes.
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Operating profits for the year more than trebled to hit £37.3m (€41.7m), as profit margins in the business expanded from 5.5% in 2016 to a very strong 13.4% last year.
Glanbia Cheese operates from two production facilities, one in Co Down and the other in Llangefni, Wales. In July this year, Glanbia Cheese announced plans to invest €130m in a new mozzarella cheese factory in Portlaoise. This third factory will have the capacity to produce 45,000t of cheese per year– 50% more than combined capacity of its existing two facilities.
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Glanbia Cheese, the joint venture business between Glanbia plc and US-based Leprino Foods, saw pre-tax profits increase almost fourfold in 2017 to reach £37.5m (€312m).
The company, which is the largest mozzarella manufacturer in Europe, said it benefited from positive movements in currency (weaker sterling) and higher prices for dairy products in 2017.
Accounts filed with the UK companies office, show Glanbia Cheese recorded sales of £278.6m (€42m) for its 2017 financial year, a 46% increase on the previous year due to higher sales prices and volumes.
Operating profits for the year more than trebled to hit £37.3m (€41.7m), as profit margins in the business expanded from 5.5% in 2016 to a very strong 13.4% last year.
Glanbia Cheese operates from two production facilities, one in Co Down and the other in Llangefni, Wales. In July this year, Glanbia Cheese announced plans to invest €130m in a new mozzarella cheese factory in Portlaoise. This third factory will have the capacity to produce 45,000t of cheese per year– 50% more than combined capacity of its existing two facilities.
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