Revenues and profits grow despite challenges

Co Sligo-based co-op Aurivo, which owns and produces the Connacht Gold dairy brand, has reported higher revenues and operating profits for 2022 despite a challenging year of inflationary pressures and volatility.

Aurivo said its revenues increased by 34% to €764.2m from €570.3m in 2021.

Operating profit was up by 41.2% to €17.8m from €12.6m the previous year, while Aurivo recorded EBITDA of €24.9m, an increase of 28.1% on 2021.

The co-op said it invested €19.9m in operating assets – an increase of 180.7% – to ensure future sustainable growth.

It also delivered a record average milk price over the year of 61.4 cpl, an increase of 50.9% on the price of 40.7 in 2021.

Aurivo said that revenues at its Consumer Foods division rose by 31.3% to €137.2m.

It noted that retail butter sales increased by 9% in 2022 with Connacht Gold Half sales increasing by 10% on the previous year.

Aurivo said its For Goodness Shakes sports nutrition brand had an “exceptional” year in 2022 with volume sales 30% higher than its previous record year in 2021, while revenues also increased by 41%.

Aurivo said its proposal to buy the liquid milk and retail butter van sales business of Arrabawn is before the Competition and Consumer Protection Commission for approval.

“On the basis of a successful outcome relating to the transaction, Aurivo looks forward to a positive year of growth in its Consumer Foods business,” it stated.