Aurivo has reported a total operating profit of €3.9 million for its full-year financial results for 2017, which is a 10% profit on the previous year.
The group’s turnover for the year was €426.4 million, which was a 9% increase on the previous year, €391 million. Net debt reduced from €16.6 million in 2016 to €5.7 million in 2017.
Aaron Forde, chief executive of Aurivo said, “2017 was a year of achievement based on meeting the needs and requirements of our members and customers, and a year of carrying out the necessary planning and development work to put in place the foundation blocks to ensure Aurivo’s continued growth and success.”
A Year Of Achievement
The Co-op said that the performance illustrates the strength of its underlying business and that of its operational and commercial platforms. It also continued its capital programme in 2017, investing a further €4 million in the business. This brought total investment in the co-op to €28.7 million over the past seven years.
The Sligo based co-op processed 420 million litres of milk during the year, which was a record year for the company, and an 8% increase on the previous year. It commenced a five-year Good Manufacturing Practice investment programme into its Dairy Ingredients facility in Ballghaderreen.
It also noted that 2017 was a very strong year for Consumer Foods business, with increased sales in milk, butter and sports nutrition. This result was aided by rising milk prices in the third quarter of the year.
Forde added, “While milk supply growth continues in 2018, the current year will be one with significant volatility. Brexit is an uncertainty for our business and the wider sector. We continually monitor the situation and continue to put in place plans through our Brexit team to ensure we are as ready as possible for the inevitable fallout from the UK’s exit of the EU. Ultimately, the sector needs the Government to get the best possible deal for Irish food and agribusiness.”
Pat Duffy, Chairman of Aurivo said, “Aside from issues outside of our control, we have a real sense of renewed confidence for 2018 and beyond. This is a truly efficient and effective business that is delivering for all its stakeholders. We have an ambitious plan for the future growth of the business, and the operational plan to deliver that is now well underway.”
Aurivo recently expressed an interest in a deal with dairy group LacPatrick. In a statement released yesterday (April 24th) Aurivo said that the two dairy firms would be ‘a very good fit’.
© 2018 Checkout – your source for the latest Irish retail news. Article by Aidan O’Sullivan. Click subscribe to sign up for the Checkout print edition.