Aurivo's profits and revenues drop after challenging 2023

Co Sligo-based co-op Aurivo , which owns and produces the Connacht Gold dairy brand, today reported lower profits and revenues for 2023 after what it called"an extremely challenging year" for it and the wider sector nationally.

"The business endeavoured to support the milk price throughout 2023 for its dairy farmers, and this gave rise to a significant decline of 71.6% in operating profit in 2023," the co-op said. Aurivo added that despite the significant challenges of high inflation, geopolitical tensions and declining commodity prices, it invested €17.8m on capital expenditure, which brought its investment programme to €61.4m since 2019.

Connacht Gold retail butter sales volumes grew by 14% in the year and by 23% since 2021, making the brand a clear number two in the market to Aurivo's partner brand, Kerrygold. It said that while overall performance was impacted as a consequence, the result for the year was in line with expectations after the decision to support farm gate milk price in so far as it could during the year.Aurivo said its Agribusiness experienced a mixed year in 2023 and revenues declined by 13.9% to €161.7m. It said its Homeland stores delivered another consecutive year of increased retail footfall and sales growth across a diverse range of product categories.

It added that its commitment to invest in increased processing and packing at its feed mill in Ballaghaderreen was a key enabler for the continued growth of its Nutrias and Goldstar brands.

Business Agribusiness Connacht Gold Aurivo Donal Tierney

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