Irish ingredients and flavours firm Carbery Group has reported a 17% increase in group turnover in its 2021 financial year, to just under €535.7 million, with the group saying that the year marked a 'recovery' from the disruption of COVID-19.
The group processed 612 million litres of milk at its new Ballineen site, it said, an increase of 2.7% in milk volumes, while some 63,000 tonnes of cheese were produced at the facility, including 10,000 tonnes of mozzarella.
In May 2021, it acquired Innova, a Chicago-based international flavours company.
The year also saw it extend its sustainability efforts, with a 4.12% reduction in greenhouse gas emissions across its operations, and a 17% decease in water usage. Elsewhere, its 'Farm Zero C' project continued work on its efforts to develop a model for climate neutral dairy farming, boosted by funding of €2m from Science Foundation Ireland.
Group EBITDA rose to €31.2 million for the year, a 10% increase on the previous year, or 14% higher at constant currency levels.
'Continue To Deliver'
“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," commented CEO Jason Hawkins (pictured).
"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."
Hawkins say that the group's Innova investment, coupled with its "pursuit of new products and new markets globally", has enabled the firm 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".
For the coming year, the group said that it was 'well placed' to tackle external market challenges.