Donegal Creameries reported an operating profit of €3 million for 2009. Shares in Donegal Creameries surged as much as 12pc in April after it reported better than expected results against gruelling conditions in its dairy and agri-business markets. Donegal suffered a 13pc fall in group-wide sales but managed to increase its adjusted earnings per share by 6pc after a solid performance from joint ventures, including Monaghan Mushrooms. "While 2009 was a very challenging year, the diverse nature of the group provided the platform to deliver a solid performance," chairman Geoffrey Vance said in a statement.
Monaghan mushrooms as a part of the Donegal Creameries group was a profitable entity within the group according to the reports.
Donegal Creameries has a 35% shareholding in Monaghan Mushrooms which is among the most efficient producers of mushrooms in Europe. Turnover at the Monaghan group exceeds €130 million annually. It has now also acquired a mushroom producing firm in Canada in a bid to expand in the North American market.
Mention Donegal Creameries and most people immediately think about milk, but the progressive Donegal company is now involved in many different areas of business – with its interests ranging from mushrooms in Monaghan, to ready-to-go meal solutions in London, and the seed potato industry which has now branched into Brazil.
