Aurivo has reported a "strong financial performance" for 2024 with group turnover of €725.1 million up 13.5% on the previous year (€638.6 million).

The co-op has today (Wednesday, April 30) announced its full-year financial results for the year ended December 31, 2024.

Despite the very difficult weather conditions on farms in the early part of 2024, ongoing geopolitical issues and inflationary pressures, Aurivo's operating profit for the year was €17 million, an increase of 236.1% on the previous year (2023: €5.1 million).

Earnings before interest, taxes, and amortisation (EBITA) for 2024 was €27.3 million, an increase of 94.8% on 2023 (€14 million).

The co-op said that it invested €8.8 million in capital expenditure last year, down from €17.8 million in 2023.

Aurivo said that total milk volume collected "bucked the national trend" and finished marginally up on 2023, by 1.5%, to 516 million litres.

The co-op said that it paid "a very strong manufacturing milk price" to its milk suppliers, averaging 52.9c/L, an increase of 23% on 2023 (2023: 43.1c/L).

Aurivo has re-initiated a milk stability fund of €3 million "to help manage potential volatility in the future".

Aurivo said that its financial performance in 2024 was underpinned by a "strong operational performance across each of the co-op’s business units".  

Aurivo Consumer Foods reported revenues up by 15.1% to €158.3 million (2023: €137.5 million).

2024 saw the integration of the Arrabawn liquid milk and butter van sales business.

On the back of the acquisition, Aurivo’s liquid milk sales increased by 15% year-on-year and branded conventional milk sales grew by 39%. The Organic For Us branded milk grew by 52%.

Connacht Gold retail butter sales volumes grew by 16% in the year.

Aurivo’s Dairy Ingredients business unit saw revenues increase by 22.5% to €289.6 million last year (2023: €236.3 million).

24 new entrants were welcomed by Aurivo into dairy, which the co-op said was over 20% of all new entrants to dairying in the Republic of Ireland in 2024.

Aurivo’s new product development team in Ballaghaderreen developed 12 new products.

The business unit also progressed its strategic goal of broadening its geographic footprint with Southeast Asia now accounting for 10% of sales, having grown from zero in 2022.

Aurivo said that it continued to lobby at national level on the importance of retaining derogation beyond 2026.

Revenues at Aurivo’s Agri-business stood at €159.9 million in 2024 which were broadly in line with the previous year (2023: €161.7 million).

Aurivo’s feed mill achieved record production levels in 2024, with a 13% increase in feed volume. €6.2 million has been invested in this infrastructure over the past five years.

Aurivo’s Homeland retail network delivered a 3% increase in transactions in 2024

Aurivo’s livestock marts saw revenues increasing by 13.8% to €117.3 million in 2024 (2023: €103.1 million).

Throughput at year-end stood at just over 79,000 cattle and 83,000 sheep, an increase of 5% on cattle and 27% on sheep compared to 2023.

Donal Tierney, chief executive of Aurivo, said that "2024 was a year of steady progress and it puts us in good stead to face the challenges that lie ahead in 2025".

"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," he said.

Raymond Barlow, chair of Aurivo noted that “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".

“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," he said.