Co-op boosts turnover and profits

NEWMARKET CO-OP last night announced increased turnover and profits for 2004. Turnover for the year increased from €45.8m to €47.8m and operating profit increased from €0.477m to €1.267m.

Michael Cronin, chief executive, said the co-op paid a very competitive price for milk. Dairy markets performed well and better than the new lower intervention levels set last July with the introduction of the new mid-term review proposals.

He warned that the European Commission is determined to reduce milk prices and the market for intervention products has reached new lower levels.