Tipperary co-op, based in Tipperary town, saw a 22% increase in turnover to €210m for the year ended December 2017. Profit before tax increased by 26% to €2.9m. Milk supply saw a growth increase of 6% from Tipperary’s 400 milk suppliers. The co-op processed 350m litres of milk over the course of 2017.

Commenting at the co-op’s AGM on Tuesday, chief executive John Daly said the business performed well in 2017 “delivering a strongly competitive milk price for its milk suppliers”. He noted that: “Sales exceeded €200m for the first time and the business made solid progress in both financial and operations terms, reflecting steady and confident growth in all sectors of the business.” He said butterfat played a big part in underpinning and supporting milk price, reflecting well on the performance of the Kerrygold brand in international markets.

During the year, the co-op announced it was investing €30m in a drier and centre of excellence to manufacture higher value-added infant nutrition ingredients.

The co-op’s emmental cheese business performed well in mainland Europe as Tippagral, the co-op’s French subsidiary, delivered on the benefit of a €4m investment in 2016.

Tippagral, which includes a cheese packaging, distribution and marketing business, complements its Irish cheese business. It commercialises a large volume of cheese produced in Tipperary, whilst allowing the co-op to benefit from the sale of additional cheese varieties purchased for added-value resale from producers in Ireland and Europe.

Tipperary co-op’s processed cheese subsidiary, Fairgreen Ingredients, also performed well. It provides cheese ingredients for a range of customers for inclusion in pizzas, ready-made meals and for grating and slicing.