Shareholders in Tipperary Co –Op are to meet in the Horse and Jockey Hotel on Monday night for the Annual General Meeting. The Co – Op Annual Report and Accounts for 2023 will be considered at the meeting.
The Co-Op recently agreed to enter into substantive talks with Arrabawn Co-Op, headquartered in Nenagh, about some form of merger as Tipperary Co-op is in a weak financial position with extensive borrowings and at risk of losing suppliers as it has been paying the lowest milk price of all Co-Ops in recent months. There are also benefits to both organisations from a possible merger in terms of better utilisation of processing capacity and a more diverse and lucrative product mix.
The 2023 accounts show that Tipperary Co-Op made a loss of €6.4M in 2023 compared to a profit of €6.8M in 2022. Revenue in 2023 reduced to €304M from a much higher level of €421M in 2022. The Agenda items are; Adoption of Minutes of 2022 AGM, Adoption of Balance Sheet and Statement of Accounts for 2023, Chief Executive’s Report – John Hunter, Chairman’s address – William Ryan, Appointment of Auditors, Approval of the issue of bonus shares and Any Other Business. The AGM will begin at 8pm on Monday night and will be a first as Interim CEO for John Hunter who replaced John Daly earlier this year. Mr Daly served as CEO for 7 years.
