Companies

Profits at Connacht Gold owner Aurivo plummet 93% in 2023

Revenues at the agricultural co-op tumbled amid a ‘sharp deterioration’ in dairy prices and a weather-delayed start to fertiliser spreading season

Intake for consumer food at the firm remained at similar levels to 2022, rising €300,000 to €137.5 million, as sales of Connacht Gold butter grew 14 per cent in the year and 23 per cent since 2021. Picture: Getty

Post-tax profits at Aurivo, the Irish agricultural co-operative, fell 93 per cent in 2023 amid a “tough year” for the firm.

The Sligo-based firm, which is behind Connacht Gold butter and a member co-operative of Ornua, the owner of Kerrygold, saw profits tumble to €997,000 last year, down from €13.6 million in 2022.

The decrease in profits was punctuated by a fall in revenue, down 16.4 per cent to €638.6 in 2023 million from a ...