Profits rise 18% at Tipperary Co-op

TIPPERARY Co-op reported solid results yesterday as pre-tax profits rose 18% to €1.1 million.

Profits were ahead even though turnover stayed flat at €110 million, largely thanks to better cost management and an improved product mix.

The society, which is based in Tipperary Town, generated cash inflows of €3 million during the year to December and splashed out almost €1.5 million on capital expenditure. It said “continued prudent management” of its finances meant the balance sheet remained strong, with no net borrowings at year end. Shareholders’ funds stood at €24 million, down slightly from €23 million the previous year.