Tipperary Co-op John Daly, CEO & Barry Hannon, Financial Controller.
Tipperary Co-op has reported a turnover of €171.5m and a profit before tax of €2.3m for the year.
The year saw the milk production volume grow by 7% from their own milk suppliers and total whole-milk production volume at 300m litres.
Chairman Mr. Richard Donovan said: “I am pleased to report continued progress in 2016 by Tipperary Co-op, especially in the areas of product and market development where Tipperary as expanded its markets for cheese and whey.”
“The poor returns from international dairy markets in the first half of the year impacted significantly on the Co-op’s Irish dairy processing business. However, this was balanced by a better than expected performance of our subsidiaries and the scale efficiencies achieved through processing the larger milk volumes.”
In relation to the Co-op’s efforts to support farmer members the Chairman added; “While the early part of 2016 was a difficult one for dairy farmers, Tipperary Co-op continued to support its milk suppliers with savings made through operating efficiencies and the premiums achieved from our ongoing product and market developments. As a Co-operative the importance of returning a profit while supporting our members cannot be overestimated.
CEO John Daly, said: “Tipperary Co-op continues to see the benefit of the unprecedented level of investment in the business in recent years. This investment has been focused on new and upgraded processing facilities, business efficiency improvements as well as marketing and product portfolio development.”
“2016 also saw the continued expansion of our successful overseas business, especially our French subsidiary Tippagral S.A which grew sales of our Emmental cheese to the European market. Tipperary Co-op has a balanced market spread with dairy product sales across Europe and the US where Ornua helps support our marketing and sales development.”
“2016 also saw Tipperary strengthen its position as a significant supplier to the infant formula and ingredients sectors. Meanwhile our Tipperary based processed cheese subsidiary Fairgreen Ingredients Ltd is helping to identify new product and market opportunities for our farmers’ milk.”