In what was a more challenging year for dairy processors last year, Aurivo saw its balance sheet deteriorate as a result of weaker performance. Operating profits fell 22% to €3m for the year.

It also suffered a paper loss of €8m on the value of its quoted investments, which is mainly made up of shares in Aryzta.

As a result, the northwest-based co-op made a pre-tax loss of €5.8m last year. It is currently undertaking a five-year, €48m investment programme.