Moorepark Technology Ltd (MTL) the joint venture company established by Teagasc with shareholders from the Irish dairy industry, has reported an operating loss for the financial year ending December 2023 of €170,338.
This compares to an operating loss in 2022 of €418,755.
The company, which provides commercial food grade pilot plant and research services for industry customers, also reported a drop in income of €47,654 to €2,997,652 in its latest end of year financial report.
The directors project that the coming financial year (2024) will result in a similar level of operating loss to that in 2023 even with targeted sales growth of 5%.
In their directors’ report for the financial year ended December 2023 they state: “The directors have considered the impact of external factors on the projected performance of the company for 2024 and expect that management can meet the risks presented.
“The company will continue to build on its current trading position by promoting high quality technology services to the food industry. A new strategic plan is to be developed in 2024”.
Moorepark Technology
The financial report for 2023 details that during last year a capital investment of €444,000 was made by Teagasc in the waste water treatment facility on the Moorepark campus “which MTL avails of with further investment planned for 2024”.
It also details that administrative expenses at MTL decreased by 8.5% or €296,071 and that a reduction in energy costs due to price and usage reductions of €308,898 “was the greatest contributor to the reduction in general operating expenses.
“Energy prices stabilised in 2023 albeit at a higher level than in 2021.
“MTL availed of the government energy supports and continued the energy saving measures put in place in 2022,” the 2023 financial report outlines.
In relation to remuneration and other pay costs these decreased by €102,405 to €989,790 in 2023.
According to MTL this was “due to reduced activity and delays in recruiting replacement staff following resignations”.
Meanwhile depreciation increased by 11% or €87,649 which it said reflected the capital investment in recent years.
According to the latest financial statement MTL also incurred consultancy costs in the year ending December 2023 totalling €48,465.