Aurivo Co-Operative Society, which was formerly known as Connacht Gold, has reported a record turnover of €454 million for 2013, up 11 per cent on the €407million reported a year earlier.

The Sligo-based group said operating profit increased by 199 per cent to €5.2 million from €1.7 million. Pre-tax profits total €4.9 million, up from €1.1 million in 2012.

"It is gratifying to report on what was a transformational year for the business in terms of both financial and operational performance," said chief executive Aaron Forde.

He said the group’s impressive sales figures were driven by a combination of added milk volumes in strong dairy markets, increased feed volumes across its agri business and a strong performance from investments.

Aurivo said its net debt decreased by 33 per cent to €12.9 million over the 12 months under review. Shareholder funds increased 13 per cent to €38.7million from €34.1 million a year earlier.

The group’s Consumer Foods division has seen turnover increase from €40 million in 2009 to €75 million last year. Its butter brands performed well in 2013 with sales up 15 per cent.

Aurivo’s Dairy Ingredients business recorded €125 million in sales due to increased demand and stronger milk supply, as well as increased price levels in the market.

The co-op’s milk suppliers expect to grow supply by 20 per cent after the ending of quotas in April 2015 and the group said it is well positioned to process the additional volumes.

Aurivo’s Agri business division recorded sales of €125 million with transaction numbers rising modestly in the group’s 39 stores.

“2013 was a year of achievement and progress in the deployment of a strategic model that provides a robust basis for continued growth across our business, and enhanced value to our owners in the in the years ahead. 2014 has started well for Aurivo and I can say with some conviction that we look to future years with renewed confidence,” said Mr Forde.

The group, which has over 14,000 farmer shareholders throughout Connacht and Donegal, rebranded from Connacht Gold last year.