Carbery Group release positive financial performance

Carbery, the West Cork based international ingredients, flavours, and award-winning cheese producer, has reported a positive financial performance for the year ended 31 December 2021. 

Overall, group turnover increased by 17% to just under €535.7m. Group turnover increased by 17% to €535.7m, while on a constant currency basis turnover increased by 18% year-on-year. Group EBITDA (Earnings before interest, tax, depreciation (net of grants), amortisation of goodwill and other intangibles and exceptional items) increased by 12% to €50.1m (2020: €44.9m). On a constant currency basis EBITDA increased by 14%.

Group EBITA (Operating Profit before interest, tax, amortisation of goodwill and other intangibles and exceptional items) increased to €31.2m (2020: €28.3m) reflecting a year-on-year increase of 10%. On a constant currency basis EBITA increased by 14%. Group Net Debt as at December 31st 2021 increased to €79.6m (2020: €57.8m).

CEO Jason Hawkins commented: “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. While our financial performance was solid, I would characterise 2021 as having a focus on investing for the future. 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.

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.”

 Milk volumes at the Carbery Ballineen plant increased to 612m litres, all processed in West Cork, an increase of 2.7% from 2020 volumes. Carbery continue to produce cheese for 12 months of the year, and of the 63,000 tonnes produced in 2021, 10,000 of this was mozzarella.

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