Carbery Group saw a 31% increase in revenue last year compared to 2021, increasing from €535 million to €700.8 million.

The dairy processor released its financial results for 2022 this morning (Wednesday, May 3).

It’s revenue growth in constant currency terms (i.e. assuming the same value for money in both accounting periods) for 2022 was 27% higher than in 2021.

Group EBITDA (earnings before interest, tax, depreciation, and amortisation) increased by 4% to €52.1 million from €50.1 million in 2021. On a constant currency EBITDA decreased, also by 4%.

EBITDA was calculated after €10 million was allocated to Carbery Group’s stability fund for shareholders, and after €3 million was paid out to supplier shareholders under the ‘FutureProof’ sustainability bonus.

The group reported “further progress” towards its sustainability goals, with greenhouse gas (GHG) emissions falling by 5.5% across all production sites. This was due to a reduction in energy use and temporary change in energy source.

Water usage across the group reduced by 8.4% due to water reduction programme.

Production GHG intensity was down by 17.7%, despite production increases. Waste to landfill reduced by 44.7% due to waste management and a redirection of waste arising from landfill into waste to energy, the group said.

Carbery Group is aiming to have net zero emissions across all manufacturing sites by 2035.

Carbery Group sectors

Looking at business’ various divisions, 63,000t of cheese was produced in 2021. 12,000t of this was mozzarella, produced through the expanded facility in Ballineen.

Price inflation and rising energy costs were challenges that had to be managed, the group said. In the second full year of mozzarella production, all product was placed on the market.

Carbery says there is “strong stability” in this business and that it has built a strong customer base across Europe and Asia.

In the nutrition ingredients business, the group reported a “strong performance”. Customers for its whey-based ingredients are located in the Americas, Europe, Asia, Africa, Oceania, and the Middle East.

On Carbery’s flavours business, Synergy, the group said 2022 provided a “challenging backdrop”.

Global disruption caused by the war in Ukraine, soaring energy prices, and other factors, have “brought a new dimension of complexity to manage” in terms of the supply chain and inflation.

Looking at the group’s investments, it has focused on building a “data-enabled business”, and significant resources have been allocated towards using the data available to better inform strategic decisions.

Investment has also been directed towards employees, the group said, by supporting them through further education, additional training, as well as providing a programme of leadership development.

Looking ahead, the group said that 2023 will see the development of “the next strategy” for the group.

CEO Jason Hawkins said: “In 2022, the company collectively agreed on a new purpose – enriching lives together – which will be brought to life in 2023 and unite the team to deliver on the ambition of our new strategy.

“This purpose encompasses our impact on our customers, but also with our shareholders, employees, suppliers, partners, and our wider communities. We are always close to our co-operative roots, and so we are focused on making our collective impact a positive one, and a meaningful one,” Hawkins said.