Glanbia Cheese, the joint venture business between Glanbia plc and US-based Leprino Foods, has reported operating profits of £27.7m (€30m) for its 2018 financial year.

While operating profits were down 26% on last year’s performance, Glanbia Cheese continues to thrive thanks to its very healthy profit margins at slightly over 10%. Pre-tax profits for the year were down 27% to £27.5m (€29.8m).

The company, which is the largest mozzarella manufacturer in Europe, recorded sales of £275.3m (€300m) for the year. The UK market accounted for over 60% of sales (£169.5m) last year with the rest of Europe accounted for the remaining £105.5m in sales. In 2017, Glanbia Cheese paid a dividend of £20m (€21.6m) to its joint shareholders.

Glanbia Cheese has two production facilities in Co Down and in Llangefni, Wales. Recently, the company started construction on its new €130m mozzarella cheese factory in Portlaoise. The plant is scheduled to open in late 2020 and will be able to produce 45,000t of mozzarella.