Culled mart records €101,981 net profit

Sixmilebridge Co-Operative Mart has recorded profits of €101,981 in its full year of trading, despite being culled as a loss-making mart by previous owners Golden Vale Marts in 2009.

The success of the ‘Bridge mart has been hailed as a victory for the local community, which united to rejuvenate its business, doubling overall sales from 7,000 animals before its closure to almost 15,000 in 2012.

Profit after tax for the end of 2012 was €86,626, while the mart’s net assets – a mixture of shareholder funds and cash in the bank – was €481,713, up from €390,000 at the end of 2011.

The decision of 683 shareholders to purchase at least one €500 share when the mart was reopened by a farmer-led consortium in August 2011 has now been vindicated, as their initial total share investment has increased substantially from €341,500 to €481,713.

High cattle prices, strong weanling sales and attracting buyers and sellers from Clare, Tipperary, Cork, Limerick and Galway have been cited as the main factors for the mart’s success.

While mart secretary Eddie Punch is cautiously pleased with their encouraging results for the year ending 2012, he insists the committee will not rest on its laurels in the wake of challenges posed by the current fodder crisis.

Acknowledging that 2012 was the first real test for the mart, Mr Punch agreed the level of support for this enterprise in the Mid-West played a crucial role in increasing sales.

“These encouraging results are a tribute to the community who ignored the negative analysis when the mart was first closed. I am cautiously pleased with the results. Since the mart opened we had the wind at our backs in terms of benefiting from high cattle prices. There is no room to get carried away because cattle prices could slip back again.

“While prices for lighter cattle in particular are under pressure this year, our throughput is holding up for the first four months of 2013. If we keep getting the support from the farming community, hopefully our future will be secure.

“It shows what can happen when you approach a task with the right attitude and entrepreneurial spirit. The mart is well run by manager Sean Ryan,” he said.

Up to 20 people are employed by the mart, mostly on a part-time basis. This doesn’t include a Shannon-based catering company that supplies food for the canteen.

In his homily at mass on Sunday, Fr Harry Bohan paid tribute to local people for saving the mart. He noted the mart is a great example of what a community could achieve when they came together to take over a business.

Expressing concern that the potential of local communities has been forgotten, he said ventures like the mart could play a major role in social and economic revival.

Councillor John Crowe said the mart has been a fantastic success and provided a boost for businesses in the village.

“The mart attracts a huge volume of traffic in the village, which provides a great boost for businesses on Saturdays. One of the great strengths of the mart is the fact it is owned by the people,” he said.