Tipperary Co-op sales fall 9% to €102m

SALES at Tipperary Co-op fell by 9% last year to €102 million, due mainly to lower prices for dairy products and reduced throughput at its French subsidiary Tippagral SA.

However, chairman Sean Murray said operating profits at €1.02 million, just 1% of turnover, were satisfactory in a year of poor dairy markets and when the co-op gave significant support to milk prices.

The co-op achieved a cash inflow of €3 million in 2002. Shareholder funds stood at €22.99 million at year end, following the transfer of €787,000 to reserves.

Tipperary invested over €500,000 in an extension to its cheese processing operation. The facility contains state-of-the-art cheese cutting and packing equipment. It will allow the co-op to deliver pre-packed cheese directly to customers in France and the United States which will yield significant savings on distribution costs.

General manager Noel Horgan said the extension will allow the co-op more flexibility and give it hands-on control of its product.

Mr Horgan, who has announced his intention to retire at the end of this year after 29 years as general manager, will be succeeded by Tim Dullea, presently assistant general manager.

The annual general meeting in Dundrum was also told that the mushroom industry, which the co-op helped to establish through a joint venture partnership, is going through a difficult period.