Moorepark Technology, the joint venture between Teagasc and the Irish dairy industry which provides pilot plant and research and development facilities to food industry customers, reported an annual loss of €164,406 in 2023.

This was the fourth year in a row that the company failed to make a profit, taking losses for the period to €1.25m.

Moorepark warned in its latest accounts that it expects a similar loss to occur in the current year.

The company ended 2023 with revenue reserves of just over €200,000 which would suggest it can withstand another year of negative earnings, but after that may have to rely on shareholders to cover losses.

Moorepark is 57% owned by Teagasc, with Enterprise Ireland and Ornua holding a combined 12%.

The balance of the issued shares in the company are held by dairy processors.

The directors of the company say in the 2023 report that they are developing a new strategic plan for the organisation.

However, since that report was signed off, Moorepark has lost its CEO, John Hunter, to Tipperary Co-op.

The company has yet to appoint a replacement.