Tipp Co-Op Turnover Increases By 19% In 2021

611

There were significantly positive results in the Tipperary Co-Op annual report for 2021.

Turnover increased by 19% and surpassed €300 million for the first time ever in the history of the co–op which has been trading since 1908.

The co–op also reported an operating profit of €5 million – following a loss of €3.1 million in 2020.

Term debt will be reduced to €17.9 million by the end of 2022 down from €30 million in 2020.

The business is now reaping the benefits from a major capital programme that saw a new milk air dryer established at the Station Road Headquarters.

During 2021 the first full operational year of the new milk-evaporation and drying facility 418 million litres of milk and buttermilk were processed.

Output increased by 16.1% on 2021 while carbon emissions reduced by 13.75%  per tonne in 2021 compared to 2020.

Milk power products made up 60% the output – with butter accounting for 33% and cheese 7%.

The co-op has 385 milk suppliers and processed a total of 309 million litres in 2021.

The dryer gives the company options for product diversification into powered protein products and considerable in house research is underway.

Tippagral Cheese operations in France and Spain also performed profitably.

The CEO of Tipp Co–Op, John Daly, praised the board for the investment decision in  2018 saying it has provided a sustainable future for the Co-Op and would cost 50% more if being considered in 2022.

Tipperary Co-Op will hold it’s AGM on Wednesday July 7th at 8pm in Ballykisteen hotel.