Aurivo, the Irish-based agribusiness, posted a turnover of €442.8 million, a 4% increase on the previous year.
The group processed 439 million litres of processed milk, a record year that was a 7.8% increase on 2017 in a ‘year marked by ongoing volatility in global dairy markets’.
2018 also saw the largest investment in the history of the Co-operative with a new capital investment of €22 million, the beginning of its €48 million five-year investment programme.
It said its performance ‘illustrates the strength of its underlying business and that of its operational and commercial platforms.
However, despite the positive outlook on its performance, the group’s net debt more than doubled to €14.6 million, a 157% increase on 2017.
“2018 was a challenging year for the Irish Dairy sector. Weather conditions at this point have been well documented and these were further compounded by volatility in global markets,” Aaron Forde, Chief Executive of Aurivo said.
“Against this backdrop, Aurivo commenced its largest investment programme, and in the process delivered a satisfactory outturn for 2018.
“The uncertainties and implications of Brexit pose significant challenges to the sector. Within that environment, our focus as a diverse Co-operative will continue to be on growing a sustainable business that will not only create value for our members but will ensure a certain future for our farms, and our communities for generations to come.”
Pat Duffy, Chairman of Aurivo, added that the group “is forging ahead to deliver a sustainable and positive outcome for Aurivo in the years ahead”.
He said, “2019 will see us further expanding our business as we continue to be one of the strongest member-owned organisations in the country.”
© 2019 Checkout – your source for the latest Irish retail news. Article by Aidan O’Sullivan. Click sign-up to subscribe to Checkout.