The strength of the pound against sterling was the main factor behind a 5 per cent fall in pre tax profits at the Cork based dairy group Carbery Milk Products. Carbery is owned by the four West Cork co-ops Bandon, Barryroe, Drinagh and Lisavaird having been acquired from Express Dairies five years ago for £20 million.

Profits in 1995 fell from £4.3 million to £4.1 million despite an increase in sales to £96 million. Carbery exports most of its cheddar and mozzarella cheese to Britain and suffered from the sterling exchange rate, especially in the second half of 1995.