Chair of Tipperary Co-op, Willie Ryan, has reassured milk suppliers of the Tipperary Town-based co-op that milk volume will not be restricted into the future.
The chair made his comments in a statement released this week announcing the co-op’s annual results for 2021.
These results outlined increases in turnover and operating profits, as well as details of the performance of its new milk evaporation and drying facility, which processed 418 million litres of milk and buttermilk – up 11.5% on the previous tear.
Additionally, capital investment continued in 2021 with €6 million spent on ingredient formulation, energy efficiency, and environmental management projects.
“At the core of our success as a co-op has been our closeness to our farm family members,” the co-op chair said.
“It is encouraging and reassuring for each Tipperary milk supplier that we now have ample capacity for decades ahead.
“You will not be restricted by your co-op in terms of volume,” he said.
Tipperary Cooperative Society is a farmer-owned dairy co-op operating from the heartland of the Golden Vale since 1908. Its Irish factory operation, based in Tipperary Town, manufactures dairy products – butter, cheese and milk powders – from milk supplied by local dairy farms and its products are supplied to customers worldwide. The society also runs an agri-trading business in Tipperary and a cheese-processing facility in France.
The co-op experienced its “best ever financial year” in 2021 with turnover exceeding €300,000 for the first time ever.
Its strong performance led to a 19.2% increase in turnover from €245.2 million in 2020 to €303.5 million last year.
An operating profit of €5 million marked an increase of €8.1 million in 2021 following a €3.1 million operating loss in 2020.
Shareholder funds also increased by just over 20% in 2021, from €23.86 million in 2020 to €28.77 million.
Commenting, Ryan said:
“All of the society’s businesses performed well in 2021, complemented by the stellar full-year performance of our new drier and ingredients investments.
“Agribusiness performed exceptionally well and record outputs were reached in our French subsidiary, Tippagral as well as in our Spanish business, MDD.
“Combined activities exceeded €300 million in turnover for the first time in our history.”
Tipperary Co-op’s annual general meeting (AGM) takes place at 8:00p.m on July 7, in Ballykisteen Hotel, Limerick Junction.