Irish dairy cooperative Aurivo has said that its turnover increased 9.4% in full-year 2020, with its EBITDA rising by more than two thirds (69.7%) for the period.
The County Sligo-based group cited a surge in demand in the retail sector as a key driver of its improved performance, however this was offset by a weaker foodservice business, according to local media reports.
"Against the backdrop of a global crisis, the hard work and agility of our employees, suppliers and members enabled the co-op to maintain essential supplies, services, and food products across domestic and global markets," commented Donal Tierney, chief executive of Aurivo.
The cooperative also reduced its net debt by €2.2 million during the year, and set up a 'milk stability fund' of €3 million, which will be paid out over the coming years to enable its supply base to manage market volatility.
Looking ahead, Tierney said that the group's focus on sustainable growth remains unchanged, despite the challenges of the past year.
"While we expect pandemic restrictions to ease during 2021, its ongoing impact, however, will ensure another year of uncertainty and global disruption," he said.
"We need to remain vigilant and adaptable to ensure the health and safety of our employees, customers, and farmer suppliers, while securing business continuity and future growth."
© 2021 European Supermarket Magazine – your source for the latest retail news. Article by Stephen Wynne-Jones. Click subscribe to sign up to ESM: The European Supermarket Magazine.