€2.7m profit for Cork Marts as livestock sales hit 30-year high
Last year was the biggest Cork Marts throughput of livestock in more than 30 years, and was achieved despite the peak time 2024 calf trade being challenged by a poor export trade early on, and bad weather restricting sailings. Picture: Andy Gibson
Rising livestock prices and increased throughput took sales at Cork Marts to a record level of €186m in 2024.
The co-op has reported an "exceptionally busy" year at its six marts (Bandon, Cahir, Corrin, Dungarvan, Macroom, and Skibbereen), selling 139,000 adult cattle, and 113,000 calves and weanlings. Adult cattle increased by more than 7,000, and calves and weanlings by nearly 9,000, compared to 2023.
The sale of sheep increased by 11,000 compared to 2023, reaching 86,000, in what was a very strong trade all year.
It was the biggest Cork Marts throughput of livestock in more than 30 years, and was achieved despite the peak time 2024 calf trade being challenged by a poor export trade early on, and bad weather restricting sailings.
And so far in 2025, bigger sales have continued, with record prices for all categories of stock.
"This was long overdue, but the pace at which it has come over the last few months has caught most by surprise", said Cork Marts chairman Lyle Buttimer.
He said a great domestic calf trade is now underpinned by a very strong export trade, and the store and beef cattle trade is at an all-time high, with "fantastic" prices.
However, Cork Marts anticipates challenging TD restrictions proposed for trading of animals, and diseases elsewhere in the EU such as bluetongue and foot and mouth are also of concern.
According to the annual report: "The long-term viability of calf exports remains a huge concern, with this year looking like our last year with access to the Netherlands for calves, a huge outlet for Irish calves every year. Every effort must be made to protect our live export industry, which plays such a vital role."
During 2024, a new penning layout was completed at Cahir for the sheep and calf lairage.
Renovation of the Dungarvan mart office is due shortly, including a new roof, and design and layout of the office.
Later in 2025, it is planned to upgrade the wastewater treatment at Cahir Mart.
Cork Marts has reported a "very satisfactory" financial outcome for 2024, with profit before tax of €3.037 million, up from €1.587m in 2023. The turnover of €14.382m was made up of services rendered at €10.269m and sale of goods at €4.113m. Operating costs (before depreciation) increased to €11.806m.
The 2024 profit after tax was €2.738m. Cash on the balance sheet increased to €2.733m, and net debt reduced to €69,000.
The Cork Marts property division commenced building 45 residential units at Bandon in the final weeks of 2024. Shortly, it is planned to commence a similar development of 48 units in Mitchelstown.
"We will again use the same model of selling these developments to Respond or similar housing bodies. The profits generated from these developments will be reinvested in our core mart business."
The group's commercial properties made important contributions to profitability in 2024. Loans for Market Green in Midleton will be cleared within two years, leaving Cork Marts in a very strong financial position.
Market Green tenancy levels are very strong, and further development of the estate is being looked at.
Meanwhile, the co-op's CCM Property auctioneering division had a good year in 2024, with record land leasing prices, which have continued to strengthen this year. There were several very successful land sales in 2024, and residential properties are selling in record time.
At the AGM, which takes place on Thursday, May 15, in the Corrin Event Centre at 8pm, the board will put forward a resolution to allocate €200,000 from retained earnings to the patronage bonus reserve, which will again be used to allocate bonus shares to shareholders that traded with Cork Marts in 2024 in livestock or property transactions.
If approved at the AGM, this will be the 13th consecutive year of bonus share issue, and would bring the total to €1.5m.
With chief executive Seán O'Sullivan informing the board last September of his intention to retire in the spring of 2025, Jonathan O'Sullivan was appointed chief executive after an extensive recruitment campaign.
"Seán has done an incredible job and leaves behind him an outstanding legacy", said chairman Lyle Buttimer.
Chief executive for nearly 30 years, Mr O'Sullivan transformed Cork Marts, with new state-of-the-art facilities at Corrin and Skibbereen, and rationalising livestock sales centres down from nine to six, while developing a substantial property portfolio.
