3 days ago
Turnover rises to €218.5m at Lisavaird as Irish food portfolio continues growth
Profits at cooperative and foods group Lisavaird Co-Op grew 7.5% to €4.4m, despite lower milk volumes in 2024.
The West Cork-headquartered co-op said turnover reached €218.5m last year from €213m the year previous. Earnings before interest, taxes, depreciation, and amortisation (EBITDA) grew to €7.7m from €7.3m in 2023 while operating profits reached €4.4m from €4.1m.
In all, for the full year of 2024, 122m litres of milk was supplied, down from 124m litres of milk in 2023, with poor weather early in 2024 affecting yields. From May onwards, milk volumes improved and overall year end volumes reported a decrease of 1.8%.
Lower feed and fertiliser prices reduced turnover for Lisavaird's agri feeds department by €2.2m. However, the co-op reported strong performances in its retail, grocery, fuel, hardware, and building departments.
Lisavaird now employs 382 people across its business. It has diversified its portfolio considerably, which now includes Glen Áine Foods in Co Limerick, Coolmore bakery in Bandon, Co Cork, Glenmar Shellfish in Union Hall, Chefs Choice Fish Company in Galway, and the makers of Frytex and Dairymaid, JDS Foods in Cork City. Lisavaird is also a joint owner of Clóna Dairy and ingredients and cheese production giant Carbery.
"The Irish economy is performing well which underpins consumer confidence when buying our goods and services. Glen Aine and Glenmar Ireland are fully reliant on the Irish consumer and sales continue to grow steadily,' said Lisavaird chief executive Martin Dineen.
'We acquired seafood business Chefs Choice in Galway to expand our reach to the western counties of Ireland. The UK market is very central to the success of JDS in spreads and Glenmar UK in seafood. We are seeing mixed challenges and are focused on building new customer relations to grow our UK businesses.
'Our seafood business Bluewave, based exclusively in Italy has become an important part of our business.
'Building on this year's success our focus shall continue on achieving further operational efficiencies, strengthening our teams, employing innovative technology, advancing our sustainability and compliance initiatives, and improving our customer and stakeholder impact.'
The price of feed to farmers fell by 7% and fertiliser prices fell 22%. 'This was of additional help to farmers in a difficult year. (But) the reduction in feed and fertiliser prices did reduce turnover for the agri department by €2.2m," said Lisavaird committee of management chair, James Healy.
Lisavaird held a special centenary commemoration in March, with futher events taking place throughout the year. Picture: Andy Gibson
This year, Lisavaird is celebrating its centenary. Lisavaird's co-op business has undergone a major modernisation and in the past 12 months, investing €5.5m in a new mill, and launching a range of agri-feeds.
'Lisavaird Co-Op has thrived through decades of change and it is thanks to the strength and commitment of this community that we continue to grow and innovate,' said Mr Dineen.
