Carbery Group Reports 'Solid Financial' Performance For 2019
Carbery Group has reported a solid financial performance for the year ended 31 December 2019.
The Dubliner cheese maker highlighted that growth in 2019 was driven by expansion across all platforms.
Carbery’s Nutrition business continued to grow and performed strongly in 2019, the group noted.
The international ingredients and cheese company said that in order to support market expansion into Asia, a commercial base in Shanghai was opened in 2019.
Jason Hawkins, Chief Executive Officer for Carbery, commented that while the positive business results were a major achievement, what he and his team are most proud of is how these results have been achieved.
"Due to our cooperative model, and our close relationship with our farmer suppliers in West Cork, we have always been connected to the community and the product that we produce," he said.
"Throughout 2019 we have been working on how we can safeguard the future of our business, while improving on that connection and commitment, both in Ireland and in our operations across the world.”
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The West Cork based company said that strong performance across the group’s taste division Synergy was 'driven by the continuing implementation of the newly updated global strategy'.
The Americas Taste business continues to deliver strong results and 2019 saw the launch of the Dairy Taste portfolio in the Americas market, it said.
Synergy US headquarters in Wauconda, Illinois was expanded by 38,000 square feet during 2019 to accommodate future business growth.
Looking forward, Hawkins said that Carbery Group is focused on its business continuity plans and managing the challenges posed by Covid19, so it can maintain uninterrupted production processes across its businesses throughout this crisis.
"Our cheese diversification project has been slightly delayed but is almost complete," he added.
"Like all processors, we are closely monitoring volatile dairy markets across the world. Our primary concerns, as we remain at the peak of this crisis, are to safeguard the health of our employees and our farmer suppliers, as we endeavour to maintain production.”
The cheese diversification investment of €78 million has demanded a significant amount of energy and focus from the Carbery team in Ballineen in 2019 and while slightly delayed, Carbery said that it expects the new mozzarella line will be operational in 2020.
In terms of future plans for growth across the group, Jason Hawkins stated: “While we are committed to growing the company, underpinning our growth ambitions is a focus on growing in a sustainable way, which will guarantee a stable and successful future for our business, our shareholder suppliers, our people, the community and the environment."
© 2020 Checkout – your source for the latest Irish retail news. Article by Donna Ahern. Click sign-up to subscribe to Checkout.