Dubliner Cheese producer Carbery Group reported increased sales of €423.5 million last year.
The West Cork-based company saw its turnover increase by 1.5% for the year. Its EBITDA also increased by 5.2% to €43.9 million.
In February, it was reported that the group secured EU pre-approval to receive €6 million from Enterprise Ireland as part of a larger €64 million investment.
Carbery was found not to have breached state aid rules after the EU eased up on its rules as a countermeasure for Brexit.
Expansion & Diversification
According to reports the group plans to invest €100 million over the next two years in new production facilities developed to cater to continental European markets as well as to reduce its reliance on UK markets.
“Brexit, of course, continues to be a concern. However, product and market diversification has always been a core part of our business and ongoing strategy," Carbery CEO Jason Hawkins said.
“As a global organisation, we are constantly looking to international consumption trends to further grow our offering and our business. The investments I referred to earlier will ensure we are both broadening our offering and our markets.”
Hawkins attributed the successful year to the strong trading performance across all three of Carbery’s key business platforms of Dairy, Taste, and Nutrition.
“Despite some difficult farming conditions throughout the first half of 2018, milk supply from our farmers increased by 5%, continuing our consistent growth of milk supply,” he said.
“Each of our businesses performed in line with our expectations, allowing us to continue to pay a leading milk price to our shareholders, while also extending support payments for longer periods to support farmers through the severe weather conditions at the start of 2018.”
Carbery’s processing facility in Ballineen, West Cork, saw 536 million litres through its doors last year.
© 2019 Checkout – your source for the latest Irish retail news. Article by Aidan O’Sullivan. Click sign-up to subscribe to Checkout.