Aurivo’s profits jump by 25% in 2016, despite revenue dropping by 6%
Aurivo Co-Operative Society saw its profits rise by 25% in 2016, despite revenue dropping by 6% – when compared to the previous year.
The agri-business, which is headquartered in the north west of Ireland, recently announced its financial results for last year.
Employing approximately 630 people, Aurivo is a “globally-focused” agri-business with regional, national and international brands.
It exports dairy ingredients to almost 50 countries such as Afghanistan, Africa, Central America, Costa Rica, Germany, Iraq and the UK.
- Group annual revenues at €391m – down 6.9% (2015: €420m).
- Group operating profit (before exceptionals) at €3.56m – an increase of 25% (2015: €2.84m).
- Consumer Foods revenues at €88.4m – a jump of close to 10% (2015: €80.4m).
- Dairy Ingredients revenues at €102.1m – a rise of 2.6% (2015: €99.5m).
- Agri-Business revenues at €97.2m – a drop of 4% (2015: €101.4m).
- Marts revenues at €78.5m – a fall of 9.2% (2015: €86.5m).
- Other activities at €24.8m – a dramatic decrease of nearly 52% (2015: €52.1m).
A challenging and volatile year
Last year proved to be a challenging and volatile year, Aurivo’s Chief Executive, Aaron Forde, said.
“We are pleased to announce a robust performance by Aurivo across all facets of its business in 2016. The year was a difficult one for the dairy farmer, and farming in general, as the collapse in milk prices continued well into the year before stabilising in July.
“With this and general all-round economic uncertainty as a backdrop, our focus was two-fold – to support our suppliers, while at the same time focusing on delivering efficiencies across the business to safeguard its continued financial and operational success.
The current year is a better and more sustainable one for the agri sector.
“With our excellent and innovative team of people, operating efficiently through a philosophy of sustainability, we will continue to enhance our business development and execute our growth strategy,” he said.
Aurivo is in a good position heading into 2017, its Chairman Pat Duffy said.
Regardless of market, political and economic challenges, Aurivo will continue to implement the efficiencies and plans to effectively deliver for all of its shareholders, he added.
The co-op believes it will continue to operate in volatile conditions, but its outlook is that 2017 will be a more positive year for farming in Ireland.