29-04-2025
Tirlán reports group revenue up 5% to €2.66bn in 2024
Tirlán today (Tuesday, April 29) reported that its group revenue increased by 5% last year to hit the €2.66 billion mark against the backdrop of, what one of the country's largest co-op's described as, a 'challenging year'.
According to the Kilkenny-based co-op – which processed a third of the Irish milk pool at 3.028 billion litres last year – its operating profit in 2024 also 'remained consistent at €67.2 million'.
Tirlán's latest financial results released today highlight that it delivered earnings before interest, tax, depreciation and amortisation (EBITDA) of €118.5 million for 2024.
The co-op also emphasised that it drove down its core net debt last year by €17 million to €138 million to settle at the lowest level in over a decade.
Source: Tirlán
According to the chair of the co-op, John Murphy, Tirlán delivered 'strong milk and grain prices and supports throughout a challenging year' – with farmers in Co. Kilkenny receiving the lion's share of milk payments worth €263 million.
'2024 was a year of two distinct halves for our co-op and our members. We supported our
members financially with a Member Support Package of €30 million offered in the face of
significant weather challenges in the first half of the year that curtailed milk supply and resulted in the late sowing of crops.
'Dairy markets strengthened as the year progressed, with milk supplies finishing strongly and competitive prices for both milk and grain.
'Over €1.5 billion was paid out to farm families for milk and grain, demonstrating the importance of the agriculture sector as an indigenous Irish employer and driver of the rural economy,' Murphy added.
The co-op underlined in its 2024 annual report that 'strengthened markets were also reflected in an average milk price of 52c/L including VAT and constituents' last year.
The annual report detailed that although milk supply 'made a strong recovery in the later months of 2024' it finished the year approximately 1% back on 2024 volumes.
TIrlán also said it 'paid the highest grain price at harvest of €210 per tonne for green feed barley', with close to half of grain supplied to the co-op now achieving a premium payment.
Tirlán
The co-op's members also received €7.1 million last year through a share Interest 'dividend' payment of 20.96 cent per share.
'Over 4,500 dairy, grain and drystock farmer members were paid €5.9 million as part of the 2024 trading bonus scheme that rewards farmer members and customers for their loyalty and trade with Tirlán,' the co-op detailed.
Last year Tirlán's members also approved the distribution of 15 million Glanbia plc shares to co-op members, with the 'spin-out' worth €148.2 million – based on a shareholding and Glanbia plc share price of €9.88 as at April, 4 2025 – on track for completion in the second half of May 2025.
'It brings the total value of spin-outs since 2012 to almost €600 million,' Tirlán also added.
According to Tirlán's chair, the co-op 'hit many milestones' in 2024 which included the Farming for Water: River Slaney Project and the new €220 million Kilkenny Cheese joint venture facility which entered the commissioning phase.
