Record market performance for Carbery Group saw revenue growth of 31% from 2021

Carbery Group has introduced “forward-looking initiatives designed to ensure a stable future for shareholders”

Producer Introduced sustainability bonus for suppliers, Futureproof, which saw €3m paid to farmers in 2022 and a 95% uptake

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Carbery Group, the West Cork-based international ingredients, flavours, and award-winning cheese producer, has reported a positive financial performance for the year ended 31 December 2022. Overall, group turnover increased by 31% to just under €700.8m.

Meanwhile, on a constant currency basis, turnover increased by 27% year-on-year. Group EBITDA (earnings before interest, tax, depreciation (net of grants), amortisation of goodwill and other intangibles and exceptional items) increased by 4% to €52.1m, compared to €50.1m in 2021. Calculated on a constant currency basis, EBITDA decreased by 4%.

Group EBITA (operating profit before interest, tax, amortisation of goodwill and other intangibles and exceptional items) increased to €32.8m, compared to €31.2m in 2021; reflecting a year-on-year increase of 5%. On a constant currency basis, EBITA decreased by 6%.

EBITDA and EBITA figures for 2022 were calculated after €10m was allocated to the Stability Fund for shareholders and €3m was paid out to supplier shareholders under the FutureProof sustainability bonus.

Milk volumes at the Carbery Ballineen plant decreased to 598m litres (-2% from 2021), all processed in West Cork.

“We are pleased to be able to report to our shareholders a successful year for Carbery,” said CEO Jason Hawkins, who noted that record returns were “balanced with very high input costs for Carbery and [its] farmer shareholders”.

“What I judge to be more important is that we managed this situation to build for our future,” Hawkins said. “Introducing Futureproof, our sustainability bonus for our suppliers, supporting shareholders on fixed milk contracts, and setting aside €10m for our Sustainability Fund to support milk price challenges through 2023. These are forward-looking initiatives designed to ensure a stable future for our shareholders.”

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