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Carbery Group Reports 'Solid' Financial Performance

By Donna Ahern
Carbery Group Reports 'Solid' Financial Performance

Carbery Group has reported a solid financial performance for the year ended 31 December 2020.

According to the data, overall, group turnover increased by 5.8% to just under €460 million.

Group EBITDA (earnings before interest, tax, depreciation (net of grants), amortisation of goodwill and other intangibles and exceptional items) increased by 1% to €44.9 million compared to 2019, (€44.3 million), the research showed.

Headquartered in Ballineen, Co. Cork, the company said on a constant currency, basis EBITDA increased by 2%.

The Dubliner Cheese owner reported a decrease in EBITA (operating profit before interest, tax, amortisation of goodwill and other intangibles and exceptional items) to €28.3 million, reflecting a year-on-year decrease of 6.2%.

'Group’s Strong Position'

TJ Sullivan, chairman of Carbery Group, commented that the positive business results reflected the group’s strong position, but that other factors were also at play, “The diverse nature of our business has helped us weather what 2020 and COVID-19 brought."

"We also have to credit the exceptional performance of our employees in Ballineen and around the world who, throughout very stressful conditions globally, remained committed, kept themselves and each other safe, and continued to deliver for our customers. I also want to credit our farmers who continued the supply of our milk at the highest quality throughout the stresses of the year,” he said.

“The performance of each of our businesses allowed us to continue to maximise the returns paid to our suppliers though our milk price, and we supported the price from our stability fund when the markets took a hit due to Covid," he added.

Milk volumes supplied to Carbery’s processing facility in West Cork, increased by 5% last year, to 596m litres of milk.

While COVID did delay the finalisation of Carbery’s expansion project, towards the end of the year the first mozzarella was produced for customers from the new €78m facility at Ballineen.

Dairy Business

Carbery’s dairy business throughout 2020 had a strong and resilient performance against a backdrop of volatile and rapidly shifting markets.

The new mozzarella plant was commissioned in late 2020 with the first commercial orders sent to the UK, South Korea, China and Europe.

Cheddar demand remained strong throughout the pandemic and 55,000t of cheese were produced in 2020.

Nutrition Business

Asia continues to be a focus region for the Nutrition business. Growth in the region is supported through a distribution network of personnel that are experts in their local nutrition markets, the company said.

The Optipep product portfolio continues to be the principal strategic product focus for Carbery in China, where the company has achieved wins and developed new opportunities in infant, sports and clinical nutrition markets in 2020, it added.

© 2021 Checkout – your source for the latest Irish retail news. Article by Donna Ahern. Click sign up to subscribe to Checkout.

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