Carbery Group has reported that its group turnover increased by 17% last year, to just under €535.7 million.
The group’s EBITDA (earnings before interest, tax, depreciation and amortisation) increased by 12%, to €50.1 million, for the year ended 31 December 2021.
According to Carbery’s latest financial report, group EBITA (earnings before interest, taxes and amortisation) increased to €31.2 million, reflecting a year-on-year increase of 10%.
“Carbery will be measured into the long term by more than just our annual results, but it is key that we continue to deliver against our short-term business objectives and targets. I am therefore very pleased to report another strong set of financial results in 2021,” commented Jason Hawkins, CEO, Carbery Group.
“While our financial performance was solid, I would characterise 2021 as having a focus on investing for the future.”
Milk Volumes Increase
The West Cork-based international ingredient, flavour and cheese producer noted that milk volumes at its Carbery Ballineen plant increased to 612 million litres – an increase of 2.7% on 2020 volumes.
The first full year of production in the expanded Ballineen facility saw over 63,000 tonnes of cheese produced, including 10,000 tonnes of mozzarella.
“We saw the first full year of production in our new Ballineen cheese facility, while also bringing online expanded R&D facilities in the US, as well as our acquisition of US-based Innova Flavors in May 2021. This was a key strategic acquisition for us, expanding our savoury capabilities in the US for our customers, and adding new markets globally,” Hawkins added.
“This investment, and our pursuit of new products and new markets globally, has allowed us to continue to deliver a strong milk price for our shareholders, as well as supporting them with knowledge transfer, environmental initiatives, and continuing investment in sustainable farming practices.”
‘Focus And Pressure’
Cormac O’Keeffe, the chairman of Carbery, highlighted that 2021 was a year that saw a lot of focus and pressure on the farming sector in relation to climate targets and other issues.
“I know that farmers are up for the challenge of meeting these targets, as long as the sector is supported and credited for all the progress that has already been achieved.
“As we see the issue of food security back in focus, as we deal with the fallout of the crisis in Ukraine, I hope that the importance of farming to the Irish and global economies – and Ireland’s position as a sustainable producer of high-quality food and nutrition products – can be appreciated.”
Looking ahead, the company highlighted that investment will continue to ensure that Carbery remains well positioned for the future.
Commenting on what is to come for the group in 2022 and beyond, Hawkins said, “Our investments will continue to ensure that we are creating the next phase of success for Carbery Group. The market is changing fast, as are employee and stakeholder expectations.
“We will need to continue to develop our innovation capabilities, our R&D, and our partnerships with our many collaborators and stakeholders, to ensure that we have a company that is ready to embrace the next phase of growth.”