Donegal Creameries says 2009 was positive

Donegal Creameries PLC has published its 2009 financial report, noting satisfactory results and significant debt reduction in what was a challenging year.

The company says it made continued strategic progress, and that will continue into 2010.

The results show a turnover of €113.3m, with adjusted operating profit of €3 million.

The dividend per share has been maintained at 16%, with adjusted earnings per share of almost 49 cent exceeding market expectations, according to the report. Significantly, the document reports the company's bank debt has been reduced by €6.23 million to €20.5m.

There was improved profitability in both the Dairy and Produce businesses, with a number of associate conpanies, particularly Monaghan Middlebrook Mushrooms, performing very well in 2009.

The company says it's positioning itself to expand further, with a range of organic products planted on the Grianan Estate last year to be introduced to market in 2010.

Donegal Creameries have also acquired a majority shareholding in a Brazilian seed potato production company, giving access to the South American market for Donegal's extensive portfolio of protected potato varieties.