Tipperary Co-op AGM 2015

Continued Growth in Tipperary Co-op in 2015

Pictured at the Tipperary Co-op Annual General Meeting in Ballykisteen are Ted O'Connor, General Manager, William Ryan, Secretary, Richard Donovan, Chairman, William Meagher, Vice Chairman & Barry Hannon, Financial Controller. Photo O'Gorman Photography.

Pictured at the Tipperary Co-op Annual General Meeting in Ballykisteen are Ted O’Connor, General Manager, William Meagher, Vice Chairman, Richard Donovan, Chairman, William Ryan, Secretary, Barry Hannon, Financial Controller. Photo O’Gorman Photography.

 

Tipperary Co-op published its Annual Report for 2015 on Thursday 9th June, showing a turnover of €175.6m and a trading profit of €2.0m for the year. The year saw a milk production volume growth of 1.6% from their own milk suppliers and total whole-milk production volume growth of 24%.

Chairman of Tipperary Co-op, Mr Richard Donovan, said:

“l am pleased to highlight the progress achieved with product and market development, particularly in terms of cheese and whey. The collapse in the dairy markets globally have had notable impact across the industry in Ireland, however, the impact of this trend for Tipperary Co-op has been lessened by the increased efficiency gained by processing on increased volume of milk.

“During 2015, Tipperary Co-op has worked hard for farmers, on behalf of farmers, and it has offered varied and valuable supports to milk suppliers. Overall, I om confident in the future of Tipperary Co-op”, Richard Donovan added.

Providing an overview of the year’s return from various strands of the business, General Manager of Tipperary Co-op, Mr Ted O’Connor, said:

“We have seen on unprecedented level of investment in recent years, which has continued in 2015. This investment was focused on processing facilities, business efficiency improvement, marketing and product portfolio development. The extension of Tipperary Co-op’s business overseas has served to continue the exceptional performance of the subsidiary companies. The ongoing capital investment has proven to be critical, as it has increased our wider market presence to achieve maximum returns. I would like to commend Ornua on the marketing and development assistance provided by them to Tipperary Co-op and to businesses like ours. The importance of long-term contracts to the Tipperary Co-op business cannot be underestimated, and we value greatly our work with other key partners”, he continued. “We believe strongly in the potential for increased milk production in the Tipperary Co-op catchment area. The increased contribution the business provides to the local economy is of importance to members of Tipperary Co-op and, in turn, to the local community itself. The retail activities have been resilient and they showed signs of increased vigour and growth in 2015, and these trends have continued into 2016. Across 2015, Tipperary Co-op has paid a strong competitive milk price, while also enhancing the value and strength of Tipperary Co-op itself. I thank all stakeholders for their contribution to this excellent year, in particular, I thank the milk suppliers.” Ted O’Connor added.

Financial Controller with Tipperary Co-op, Mr Barry Hannon, presented a detailed Profit and Loss Account, Balance Sheet and Cash Flow Statement for the trading year, as well as a breakdown of all revenues and costs.

“Where the increased volumes led to processing efficiencies, savings were passed on to milk suppliers where possible. The impact of the falling product prices was a factor in Tipperary Co-op’s performance but this was counteracted by a good performance in Tippagral, the French subsidiary company. The increased volumes of milk processed in Q4 in 2015 had on impact on stocks and debtors at year end, and this has been managed to best effect. The good relationship with Tipperary Co-op’s bonking partners has continued and this is assisted by the company’s strengthening of their Balance Sheet during the year,” Barry Hannon said.

The General Manager highlighted that Tipperary Co-op was mindful of the changing landscape of milk production in Ireland and he highlighted the important role of the Farm Advisory Team in assisting suppliers in their development. He recognised and thanked all the employees for their contribution to the development of the Society.