Aurivo announce profits of €17 million for 2014

Aurivo, the globally focused Agri business headquartered in the northwest of Ireland, announced operating profits of €17 million for 2014.

The full-year financial results for 2024 were announced by Aurivo which stated that the company delivered a 'very strong financial performance' despite very difficult weather conditions on farms in the early part of the year and ongoing geopolitical issues and inflationary pressures.

Aurivo is one of Ireland's leading co-operatives, with businesses in consumer foods, dairy ingredients, retail stores, animal feeds, and livestock trading. It employs approximately 700 people and is a globally focused agri-business with regional, national, and international brands and dairy ingredients exports to regions such as the US, Central America, Europe, Africa, Middle East and Southeast Asia.

The Group, which operate a number of livestock marts and Homeland retail stores throughout Mayo, announced its turnover increased by 13.5 percent on the prior year at €725.1 million which was underpinned by a strong operational performance across each of the Co-op’s business units while operating profit for the year was at €17m, an increase of 236.1 percent on the previous year.

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The Co Sligo-based company stated that 2024 saw the successful integration of the Arrabawn liquid milk and butter van sales business and on the back of the acquisition, Aurivo’s liquid milk sales increased by 15 percent year-on-year.

“We are very happy to report that branded conventional milk sales grew by 39 percent and our Organic For Us branded milk grew by 52 percent. Our new product development team also launched Connacht Gold Mór Protein drinks during the summer. Connacht Gold retail butter sales volumes grew by 16 percent in the year,” the report read.

Aurivo’s Homeland retail network delivered a 3 percent increase in transactions in 2024 and the company added that its successful upgrade in Homeland’s online platform, www.Homeland.ie, marked a significant step forward in the business’ retail strategy, expanding accessibility, product range and enhancing the overall experience for the customer.

Aurivo’s marts continued its upward trajectory of recent years, with revenues increasing by 13.8 percent to €117.3m in 2024 . Pricing for cattle and sheep was very strong throughout the year and despite a 5 percent drop in the national suckler herd, the volumes through Aurivo marts were up. Throughput at year-end stood at just over 79,000 cattle and 83,000 sheep, an increase of 5 percent on cattle and 27 percent on sheep compared to 2023.

Commenting on the annual results for 2024, Donal Tierney, Chief Executive of Aurivo said: “Following a very difficult 2023 for the entire Irish dairy sector, I am pleased to report that in 2024, Aurivo reported a very strong financial performance. 2024 was a year of steady progress and it puts us in good stead to face the challenges that lie ahead in 2025.

“The current global situation relating to tariffs and the consequent uncertainty over the past number of months is concerning for the sector and the wider economy as a whole with some global commodity markets (notably oil and metals) very volatile in the past few months. Notwithstanding the inevitable headwinds that face us, we believe the strategic and financial position of the Co-op provides a sound basis to deliver ongoing sustainable growth for our member owners.”

Raymond Barlow, Chairman of Aurivo added: “A key highlight for the year was the resilience of our milk supply, with our farmers navigating the challenge of adverse weather conditions for a large part of the year. We were happy to have been in the position of maintaining a competitive average milk price for our suppliers over the course of the year.

“Cognisant of the challenges that face the wider economy, we are prepared to adapt to same. Through prudent management, ongoing strategic investments and a steadfast commitment to supporting our farmer members, we will continue to position ourselves for long-term growth and resilience.”