“While circumstances remain challenging, we remain optimistic as we look to the future, as we have a strong, stable core business that is well-positioned to continue to invest and innovate for the future,” said outgoing Tirlán chief executive Jim Bergin, who will be replaced by Sean Molloy on August 1.

The farmer-owned dairy and grain co-op also posted operating profits of just over €68m, a 5% fall in annual terms driven by several headwinds including “weather, input costs, and regulatory change combined”, according to its chairman John Murphy.

Meanwhile, the company remains optimistic on its outlook for the year as it reduced its net debt from €234m in 2022 to €155m last year, the lowest level in a decade, despite economic volatility and had an equity value of €1.3bn.

The co-op also said its Investment Fund of more than €210m means that the business is “well-positioned for strategic growth and expansion.” 

“Our performance is achieved through the hard work and dedication of our 5,000 farm families and our 2,300 talented employees,” said Mr Bergin.

The company supplies milk and grain products to 95 countries around the world and expanded into markets with products including its Avonmore Professional UHT range in China and Vietnam, while also entering new markets of Malaysia, Thailand, and the Philippines in South East Asia.

The company will open its Kilkenny Cheese production facility, a joint venture with Dutch family-owned dairy company Royal A-ware, this year, which will employ around 80 people full-time and aims to produce over 50,000 tonnes of continental cheese per year.

Tirlán paid a bonus of €5.8m to its members who traded with the co-op through its 52 agribusiness stores and online. In addition, the organisation paid a dividend to its members for last year that amounted to €6.5m.