Chairman Barry Irvin described the challenging circumstances of the 2008/2009 financial year particularly in the context of the global financial crisis, drought and the collapse of world dairy prices.

The announcement of a before-tax-profit for the company of $21 million and an after-tax-profit of $17.5 million was well received by shareholders.

The impact of the change in global dairy markets in 2008/2009 was largely seen in the result of Bega Cheese’s 70 per cent owned subsidiary Tatura Milk Industries which reported an after tax loss of $4.5 million, which on consolidation in the Bega accounts resulted in a consolidated net profit after tax for the group of $9.3 million.

Chairman Barry Irvin said the company’s acquisitions were “strategic, they ensured we could meet the growth expectations we set for ourselves and clearly take our place amongst the major dairy companies in Australia servicing the needs of our customers no matter where they are in the world”.

Bega Cheese reported consolidated revenue for the 2008/2009 year of in excess of $800 million.

The operation of modern infrastructure from five major sites across NSW and Victoria, with assets valued in excess of $400 million is testament to the recent growth of Bega Cheese.

“Developing a skilled work force of 1300 people capable of utilising the best technology and delivering dairy products to over 50 countries around the world sees Bega Cheese well positioned for the future,” Mr Irvin said.

The meeting concluded with a brief update on current market circumstances and the fact that the global recovery in dairy pricing is happening a little quicker than may have been expected.

It was acknowledged that there were a number of things for shareholders to feel positive about in terms of Bega Cheese and the market place, however drought, and water availability were continuing to be a major challenge for the industry.