BELFAST dairy trading firm Greenfields Ireland has grown its annual turnover by seven per cent in the past year to £147 million.
The international trading company, which supplies dairy ingredients, specialist milk products and finished dairy products to customers throughout Europe, the Middle East, South America, Far East and Africa enjoyed a successful year, which also saw a rise in profits.
In the year ending December 31, 2016 profit before tax stood at £622,000, an increase of 28 per cent on the 2015 figure of £486,000, while profit after tax also increased to £486,000.
Gross profit rose from £4.3 million to £5.7 million.
Within the company the number of employees also increased from 31 to 33, while the payroll bill grew by over £800,000 to £3.4 million.
Greenfields' directors said 2016 was a "strong year" both in Europe and in its export markets.
"We have built on our existing business by differentiating ourselves with the use of tailored propositions for our clients across the world. As we move into 2017 we intend to continue to build on our 2016 results, working closely with our clients to deliver value added quality assured dairy solutions," they said.
The company recorded growth despite what it described as a year of "high volatility" in the European dairy market, with the Brexit vote adding to this with the immediate effect of weakening the pound against the euro, making prices, particularly butter even more expensive in the UK.
Greenfields Ireland was established in 1992 as NIDCO Foods and from its formation has evolved and has traded as Greenfields since July 2008. In addition to headquarters based in Belfast, the firm has regional offices in Crewe, England and in Dubai.
