Despite a small fall in turnover to £30.6 million (#38.85 million), the north Cork-based Newmarket Co-operative, has trebled its 2000 pre-tax profits to £996,000. The annual report also shows that the co-op paid £1.8 million in January for O'Flynn's Supervalue supermarket in Newmarket.

"While turnover fell during the year, our continuing investment in production facilities has contributed greatly to operating efficiency and profits have actually risen considerably as a result," said chairman Mr Jeremiah Carroll. The increase in profits has allowed Newmarket to pay a 2p a gallon bonus to its milk suppliers and a 2 per cent bonus on purchases of feed and fertiliser.