Last week Arrabawn Co-op held its Annual General meeting and numbers attending swelled in advance of a rule change vote on the day. The co-op has about 1,000 suppliers in liquid and manufacturing and last year processed about 500m litres of milk, up 11% from 2020.
Turnover rose by 20% to reach €340m, while gross profit was up by 23% to €77m. Earnings before interest taxes depreciation and amortisation (EBITDA) were up €2.2m to €12.5m, while operating profits before exceptional items were at €4.1m, a €1.4m increase on 2020. The co-op said its strong performance last year also saw its net debt reduce by €8.8m to €33.6m.
Arrabawn has invested in additional capacity and has room for further growth in volumes. The vote to allow a rule change to allow board representation from counties like Waterford and Wexford, where Arrabawn collects milk, was defeated. On the day a decision could not be reached on a ‘hands-up’ vote so a ballot was called to decide the matter.