Moorepark Technology Ltd, the joint venture company established by Teagasc with shareholders from the Irish dairy industry, has reported an operating loss for the 2024 financial year of €210,965.

This compares to an operating loss in 2023 of €170,338.

The company, officially opened in Fermoy, Co. Cork in September 1993, provides commercial pilot plant and research services for food industry customers.

According to newly published accounts, the company's chief executive resigned on May 7, 2024 and a process to recruit a replacement is ongoing.

The report also confirmed that a new strategic plan for the company is currently being developed with implementation due to commence in 2026.

The accounts show that turnover at Moorepark Technology in 2024 increased by 1% to €3,257,845, when compared to 2023 (€3,229,808).

Higher costs of sales due to higher raw material costs coupled with the Oireachtas grant being fully amortised in 2024 resulted in total income of €2,891,161, which is 3.5% below the previous year (€2,997,652).

"In addition, the margin on contract manufacture is lower than that for research trials," the documents noted.

Administrative expenses at Moorepark Technology decreased by 2% or €65,864 to €3.1 million in 2024.

This was driven by a reduction in depreciation charges, along with savings in pay costs due to the departure of the chief executive and the replacement of an electrician who departed in September 2023 with a contracted electrical firm.

Professional fees increased by €47,653 mainly due to consultancy costs incurred in relation to the development of the new strategy and recruitment of a replacement chief executive.

During 2024, a capital investment of €499,000 (2023: €444,000) was made by Teagasc in the waste water treatment facility on the Moorepark campus which Moorepark Technology avails of.

The directors of Moorepark Technology project that the coming financial year will "result in a lower level of operating loss to that in 2024 and are targeting sales growth of 5%".

"The directors have considered the impact of external factors on the projected performance of the company for 2025 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," the financial statements added.

The board also stated that it is "aware of the major risks to which the company is exposed, in particular those related to the operations and the finances of the company and are satisfied that systems are in place to mitigate exposure to major risks".