Aurivo Co-Operative Society Limited
Full Year Financial Results for year ended 31 December 2024.

Aurivo reports strong financial performance for 2024 where operating profits increased by 236% to €17m

Aurivo the globally focused Agri business headquartered in the Northwest of Ireland, today announced full-year financial results for the year ended 31 December 2024.

Despite the very difficult weather conditions on farm in the early part of 2024, the ongoing geopolitical issues and inflationary pressures, Aurivo delivered a very strong financial performance for 2024.  Group turnover increased by 13.5% on the prior year at €725.1m which was underpinned by a strong operational performance across each of the Co-op’s business units.   Operating profit for the year was at €17m, an increase of 236.1% on the previous year (2023: €5.1m).   EBITDA for 2024 was €27.3m, an increase of 94.8% on 2023. 

Operational highlights:

• Aurivo continued to deliver for all member owners, with the business delivering a strong financial and operational performance for 2024.
• Investment of €8.8m on capital expenditure in 2024.
• Total milk volume collected bucked the national trend and finished marginally up on 2023, by 1.5% to 516m litres.
• A very strong manufacturing milk price was paid to Aurivo suppliers in 2024, averaging 52.9cpl, an increase of 23% on 2023 (2023: 43.1cpl).
• Re-initiated a milk stability fund of €3m to help manage potential volatility in the future.
• 24 new Dairy entrants in 2024.

Commenting on the annual results for 2024, Donal Tierney, Chief Executive of Aurivo said:

“Following a very difficult 2023 for the entire Irish dairy sector, I am pleased to report that in 2024, Aurivo reported a very strong financial performance. 2024 was a year of steady progress and it puts us in good stead to face the challenges that lie ahead in 2025. 

 “The current global situation relating to tariffs and the consequent uncertainty over the past number of months is concerning for the sector and the wider economy as a whole with some global commodity markets (notably oil and metals) very volatile in the past few months. Notwithstanding the inevitable headwinds that face us, we believe the strategic and financial position of the Co-op provides a sound basis to deliver ongoing sustainable growth for our member owners.”

 Raymond Barlow, Chairman of Aurivo said:

“A key highlight for the year was the resilience of our milk supply, with our farmers navigating the challenge of adverse weather conditions for a large part of the year.  We were happy to have been in the position of maintaining a competitive average milk price for our suppliers over the course of the year. 

 “Cognisant of the challenges that face the wider economy, we are prepared to adapt to same. Through prudent management, ongoing strategic investments and a steadfast commitment to supporting our farmer members, we will continue to position ourselves for long-term growth and resilience.”     

 Business performance review for 2024

Progress in 2024 is outlined as follows across Aurivo’s businesses:

Consumer Foods

Aurivo Consumer Foods reported another strong year in 2024 with revenues up by 15.1% to €158.3m (2023: €137.5m).

2024 saw the successful integration of the Arrabawn liquid milk and butter van sales business.   On the back of the acquisition, Aurivo’s liquid milk sales increased by 15% year-on-year and we are very happy to report that branded conventional milk sales grew by 39% and our Organic For Us branded milk grew by 52%.  Our new product development team also launched Connacht Gold Mór Protein drinks during the summer.

Connacht Gold retail butter sales volumes grew by 16% in the year.

A significant milestone celebrated in July 2024 was the 125^th anniversary of milk processing at our liquid milk site in Killygordon, County Donegal.  Since the acquisition of the business in 2012, the team in Donegal have helped treble production at Donegal Creameries, and over the past six years, €7.5m has been invested in capital projects at the site, which have been transformational in terms of efficiency and sustainability.

Dairy Ingredients

Following the very difficult year that was 2023 for the Irish dairy sector, Aurivo’s Dairy Ingredients business unit reported a much improved and strong year for 2024.  Revenues increased by 22.5% to €289.6m (2023: €236.3m).

24 new entrants were welcomed by Aurivo into dairy, which we understand was over 20% of all new entrants to dairying in the Republic of Ireland in 2024.

In response to emerging customer trends, Aurivo’s new product development team in Ballaghaderreen developed 12 new products.  The business unit also made good progress on the strategic goal of broadening its geographic footprint with Sount East Aisa now accounting for 10% of sales, having grown from zero in 2022.

Throughout 2024 Aurivo continued to lobby at national level in relation to the importance of agriculture in our region – highlighting the high quality of water and the importance of retaining derogation beyond 2026.

Agri Business

Despite challenging weather conditions during spring, Aurivo’s Agribusiness unit delivered a strong performance where revenues of €159.9m were broadly in line with the previous year (2023: €161.7m).

Aurivo’s feed mill achieved record production levels in 2024, with a 13% increase in feed volume, reflecting the success of the €6.2m investment in infrastructure over the past five years.

Aurivo’s Homeland retail network delivered a 3% increase in transactions in 2024, a testament to the focus on customer service, product range and digital transformation.  The successful upgrade in Homeland’s online platform (Homeland.ie) marked a significant step forward in the business’ retail strategy, expanding accessibility, product range and enhancing the over all experience for the customer.  Homeland’s store redevelopment continued to deliver in 2024.  A significant milestone for the year was the commencement of work on a new flagship Homeland store in Longford, which opened in March 2025.   

Livestock Marts

Aurivo’s marts continued its upward trajectory of recent years, with revenues increasing by 13.8% to €117.3m in 2024 (2023: €103.1m).  Pricing for cattle and sheep was very strong throughout the year and despite a 5% drop in the national suckler herd, the volumes through Aurivo marts were up.  Throughput at year-end stood at just over 79,000 cattle and 83,000 sheep, an increase of 5% on cattle and 27% on sheep compared to 2023.​

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