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Carbery Group reveals 2019 results with turnover of €434 million

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Carbery Group reveals 2019 results with turnover of €434 million

Carbery Group reveals 2019 results with turnover of €434 million
April 23
13:04 2020
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Carbery Group, the West Cork based international ingredients and cheese company, has reported a solid financial performance for the year ended 31 December 2019, grounded in a commitment to responsible expansion and sustainability across the Group.

The Group turnover increase of 3% to €434.1m achieved through growth across all business segments. Milk volumes in 2019 were 567 million litres, a growth of 42% between 2015 and 2019, all processed in Ballineen, West Cork

The cheese diversification investment of €78 million of the Group has demanded a significant amount of energy and focus from the Carbery team in Ballineen in 2019 and while slightly delayed, Carbery expects the new mozzarella line will be operational in 2020. The commercial activities supporting this investment have also been significant.

Chairman of the Carbery Group Board, TJ Sullivan, commented “Financially, our 2019 performance was strong and in line with our targets, while we continued to evolve our business strategy. We also supported the milk price for our farmer suppliers from business profits and using our stability fund. Post the elimination of quotas in 2015 our milk volumes have grown by 42% to 567 million litres which we have processed entirely at our site in Ballineen in 2019.

Jason Hawkins, Chief Executive Officer for Carbery, commented: “At Carbery, we have been focusing on how the business performs, but also on how we do business. Due to our cooperative model, and our close relationship with our farmer suppliers in West Cork, we have always been connected to the community and the product that we produce. Throughout 2019 we have been working on how we can safeguard the future of our business, while improving on that connection and commitment, both in Ireland and in our operations across the world.”

In terms of future plans for growth across the group, Jason Hawkins stated “While we are committed to growing the company, underpinning our growth ambitions is a focus on growing in a sustainable way, which will guarantee a stable and successful future for our business, our shareholder suppliers, our people, the community and the environment.

For Carbery Group, being sustainable means ensuring our business is futureproofed and resilient.  It means working to protect and enhance the legacy of our farmer suppliers in West Cork. It means ensuring our people feel valued and secure. It means being able to stand over our supply chain, our business decisions, and the lasting impact we make on the environment and communities around us. It means being a proud part of the food industry of Ireland and globally.”

In terms of the evolution of the Carbery Group’s corporate responsibility and sustainability focus, 2019 was a year of further significant progress. Against a backdrop of a 20% increase in production in the 8 manufacturing sites globally, the Group was able to achieve a reduction in carbon emissions of 11.7%.  Since 2017, carbon emissions intensity per tonne of production has reduced by 28.5% at Ballineen. The Group aim to be carbon neutral by 2035 across all sites through decarbonising existing energy sources.

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