Tirlán delivers strong 2024 performance as revenue increases to €2.66 billion

Key highlights include:

• Group revenue in 2024 of €2.66 billion, a 5% year-on-year increase, after navigating a challenging start to the year due to weather and commodity markets
• Delivered a strong performance with consistent EBITDA of €118.5 million to sustain, grow and develop the business
• Core net debt down €17m to €138m, the lowest level in over a decade
• Ireland’s largest milk processor with 3.028 billion milk pool and largest purchaser and user of Irish grains
• Over €5 billion paid to farm families for milk and grain, with improved market returns returned directly to Members
• Member Support package of €30m offered during Spring weather challenges and new TB Support programme announced early this year
• Share Interest (dividend) payments totalling €7.1m and over 4,500 farmers receiving €5.9 million as part of the 2024 Trading Bonus Scheme
• Major progress in enhancing our Co-op’s farmer Representative Structure, investing in education and greater diversity
• For over 50 years, Avonmore, Ireland’s No.1 dairy brand, has been delivering great-tasting new products for consumers, with 12 million glasses of milk enjoyed each week
• Significant engagement on-farm in enhancing water quality through the collaborative Farming for Water: River Slaney Project in a key year for retention of the Nitrates Derogation
• New €220m Kilkenny Cheese joint venture facility enters commissioning phase, expanding value-add product mix with over 40,000 tonnes of continental cheese produced in 2024

Total revenue for 2024 rose to €2.66 billion, a 5% increase compared to 2023, despite a challenging start to the year due to weather and global commodity markets. Tirlán delivered a strong and consistent performance, generating €118.5m EBITDA (Earnings before interest, tax, depreciation (net of grants), amortisation of goodwill and other intangibles and exceptional items) to sustain, grow and develop the business. Operating profit in 2024 remained consistent at €67.2 million, with improved market returns delivered directly to farm families through higher milk and grain prices.

The 100% farmer-owned Co-op remains financially robust with a strengthened balance sheet, delivering strong cash generation and with significant capacity to grow and develop the business into the future. Net debt is at the lowest level in over a decade, down 11% to €138m.

Tirlán Chairperson John Murphy said the delivery of strong milk and grain prices and supports throughout a challenging year was a reflection of the Co-op’s financial strength and clear focus on its farm families.

“2024 was a year of two distinct halves for our Co-op and our Members. We supported our Members financially with a Member Support Package of €30 million offered in the face of significant weather challenges in the first half of the year that curtailed milk supply and resulted in the late sowing of crops. Dairy markets strengthened as the year progressed, with milk supplies finishing strongly and competitive prices for both milk and grain. Over €1.5 billion was paid out to farm families for milk and grain, demonstrating the importance of the agriculture sector as an indigenous Irish employer and driver of the rural economy.”

In 2024, Tirlán processed a third of the Irish milk pool at 3.028 billion litres, and was the largest purchaser and user of Irish grains with its green grain intake reaching almost 179,000 tonnes. Milk supply made a strong recovery in the later months of 2024 to finish the year approximately 1% back on 2024 volumes.

Farmer returns

The strengthened markets were also reflected in an average milk price of 52 cent per litre (cpl), including VAT and constituents. All-year round liquid suppliers, who supply Ireland’s No.1 brand, Avonmore, and its wider stable of brands, were also rewarded with strong and enhanced premiums.

Tirlán paid the highest grain price at harvest of €210 per tonne for green feed barley, with close to half of grain supplied to Tirlán now achieving a premium payment. This is part of its long-term value-add strategy for grain, which has seen Avonmore Oat drinks launched in the domestic and international markets, along with functional ingredient oat flours.

Strong & supportive

In 2024, Members also received €7.1 million as the Co-op delivered a Share Interest ‘Dividend’ payment of 20.96 cent per share. Over 4,500 dairy, grain and drystock farmer Members were paid €5.9 million as part of the 2024 Trading Bonus Scheme that rewards farmer Members and customers for their loyalty and trade with Tirlán. The dairy element of the 2025 Trading Bonus Scheme has been re-shaped to focus on driving milk solids production through peak, with a new Milk Solids Growth programme launched to provide practical assistance to farmers.

Commenting, John Murphy said the Co-op has hit many milestones over the past year as it continues to make significant progress on developing its farmer Representative Structure for the future, with a clear focus on education, diversity and generational renewal. Eight out of 11 Tirlán Regional Committees welcomed new female members, with ongoing investment and participation in the Tirlán Governance Academy to provide training and educational opportunities for farmer suppliers. New initiatives included farmer Youth Groups and a Grain Advisory Group set up to guide on the strategic development of the grain business.

Future focused

In October 2024, Tirlán Co-op shareholders voted overwhelmingly in favour of a proposal to change the rules to provide the Co-op’s Board with more flexibility to manage its financial investments on behalf of Members. Tirlán continues to actively evaluate opportunities that align with its strategy and remains focused on the long-term management of its portfolio for the benefit and security of its Members.

Members also approved the distribution of 15 million Glanbia plc shares to Co-op Members, with the ‘spin-out’ worth €148.2m* on track for completion in the second half of May. It brings the total value of spin-outs since 2012 to almost €600 million*.

Tirlán has confirmed an investment in premium grains to support the upgrade and expansion of its joint venture, the Malting Company of Ireland (MCI). In 2024, the Tirlán Nurture Fund, which is a €10 million investment platform targeting and scaling innovative agrifood-tech solutions, committed to making its first investment in the SOSV Irish Biomanufacturing Fund.

Delivering on sustainability and water quality

Tirlán has continued to focus on its Living Proof sustainability targets and Environmental, Social and Governance (ESG) framework both in its manufacturing sites and on-farm. Progress continues to be made on lowering Scope 1 and 2 carbon emissions on site, with eight carbon reduction projects to minimise heat loss and recovery completed in 2024. These projects will deliver an estimated absolute carbon reduction of c. 1500 tonnes per year.

A key priority on-farm in 2024 was supporting sustainable practices, with over 99% of active milk suppliers receiving a Sustainability Action Payment. All of these actions combined have seen Tirlán’s on-farm CO₂e emissions reduced by 6.8% since 2018.

The multi-year collaborative Farming for Water: River Slaney Project was established early in the year and has driven practical action to enhance water quality on farm. It is building on the dedicated Agricultural Sustainability Support and Advisory Programme (ASSAP) water quality programme.

Commenting, Tirlán CEO Seán Molloy said: “This year is vital for the agricultural sector and rural economy with a decision due on Ireland’s retention of the Nitrates Derogation. We need certainty for our farmers and the retention of a fit-for-purpose derogation. In Ireland and in Brussels, Tirlán has continued to highlight the positive actions being taken by our Members to improve water quality.”

Innovation and new markets

Tirlán continues to leverage its Innovation Centre, and network of 11 high-tech dairy and grain processing facilities as part of its clear value-add strategy to win market share.

Commenting on the ambitious strategy for driving innovation and growth, John Murphy said: “It all starts on the farm. The strengths of Tirlán’s grass-fed dairy and quality grains ensures we are a partner of choice and our products and ingredient solutions are sought after in 100 countries around the world. Our Board and our Co-op management have a clear focus on adding value and leveraging our high quality milk and grains to win new customers and markets.”

Tirlán continued its focus on innovation, with new consumer products including Avonmore High Protein soups, alongside novel flavours in the Avonmore Protein Milk and Whipped Cream ranges.

Internationally, teams in the marketplace have helped expand the consumer portfolio with the Avonmore Professional UHT cream range growing successfully in Asia, and entering seven new markets.

Over 40,000 tonnes of continental cheese were produced as the new joint venture facility, Kilkenny Cheese, established in partnership with Dutch family-owned business Royal A-ware, successfully entered its commissioning phase in 2024.

Tirlán sold over 377,000 tonnes of ingredients, with increased demand for its new Promiko range, Truly Grass Fed (TGF) whey ingredients range and new pastry butter in high-end bakeries across Europe.

Commenting on the 2024 results, Tirlán CEO Seán Molloy said the Co-op delivered a strong performance in a challenging year, reflecting the agility and core strength of the business.

“We have invested in our Co-op over the past decade and our organisation today stands strong, with a robust balance sheet, well-invested high-tech processing facilities, dedicated farm families and a talented workforce. Our success is down to every single member of our team working together to ensure our customers enjoy the best quality products as part of our customer-centric approach - be it on farm, in our facilities, collecting our milk or delivering it to doorsteps or shops. To ensure our continued success we prioritise ongoing investment in upskilling, education and embracing new technologies. After completing a significant cost reduction programme to proactively manage the cost base, we remain focused on delivering operational excellence and efficiencies every single day. We are well-positioned and a trusted partner to deliver on the growing demand for dairy and grains around the world.”

View full Annual Report 2024 below :