Carbery Group Faces Decline in Turnover and Operating Profit Amid Market Challenges
Source: The DairyNews
Carbery Group, a prominent international ingredients, flavors, and cheese producer based in west Cork, has disclosed a decrease in group turnover and operating profit for the fiscal year 2023, as outlined in its recently published Annual Report.
According to the report released today (Wednesday, April 24), the group's turnover for 2023 amounted to €616.1 million, reflecting a year-on-year decrease of 11% on a constant currency basis. Meanwhile, Group EBITA (operating profit before interest, tax, amortization of goodwill, and other intangibles, and exceptional items) experienced a significant decline to €25.5 million compared to €32.8 million in 2022, marking a 22% decrease. Similarly, Group EBITDA (earnings before interest, tax, depreciation, amortization of goodwill and other intangibles, and exceptional items) dropped by 11% to €46.4 million, down from €52.1 million in 2022.
Despite the challenging market conditions, Carbery Group has underscored its commitment to sustainability initiatives, achieving a commendable reduction of 5.27% in carbon emissions since 2022. Additionally, the group reported a 1% reduction in water usage across its operations since the previous year. Notable accolades include attaining 'Science-Based Targets' certification, receiving Origin Green Gold Member status, and clinching the titles of 'Sustainable Exporter of the Year' and 'Exporter of the Year' at the Irish Export Awards.
In a bid to enhance sustainability practices within its supply chain, Carbery Group's FutureProof scheme witnessed significant participation, with 85% of farmers (representing 90% of the group's milk supply) engaging in sustainability-driven actions. The Farm Zero C project, leveraging innovative technologies and operational efficiencies, contributed to a commendable 27% reduction in emissions since 2018, alongside maintaining output and bolstering profitability.
Commenting on the financial performance and sustainability achievements, CEO Jason Hawkins emphasized the resilience of Carbery's business model amidst adversity. He highlighted the group's ability to prioritize shareholder returns, invest in business expansion, and advance sustainability objectives despite the challenging operating environment.
Cormac O’Keeffe, Carbery Group chairman, echoed sentiments of resilience and success, attributing the favorable outcomes to strategic decisions and robust business structures. O’Keeffe commended the efficacy of the FutureProof scheme in incentivizing sustainable practices among farmers, underscoring the group's commitment to environmental stewardship and profitability.
Despite market volatility driven by subdued consumer spending and geopolitical tensions, Carbery Group's Dairy business maintained resilience, processing 584 million liters of milk in 2023. This steadfast performance reflects the group's ability to navigate external challenges while sustaining operational efficiency and market relevance.
As Carbery Group navigates the evolving market landscape, bolstered by its commitment to sustainability and operational excellence, stakeholders remain optimistic about the organization's ability to thrive and drive positive change within the dairy industry.
Despite the challenging market conditions, Carbery Group has underscored its commitment to sustainability initiatives, achieving a commendable reduction of 5.27% in carbon emissions since 2022. Additionally, the group reported a 1% reduction in water usage across its operations since the previous year. Notable accolades include attaining 'Science-Based Targets' certification, receiving Origin Green Gold Member status, and clinching the titles of 'Sustainable Exporter of the Year' and 'Exporter of the Year' at the Irish Export Awards.
In a bid to enhance sustainability practices within its supply chain, Carbery Group's FutureProof scheme witnessed significant participation, with 85% of farmers (representing 90% of the group's milk supply) engaging in sustainability-driven actions. The Farm Zero C project, leveraging innovative technologies and operational efficiencies, contributed to a commendable 27% reduction in emissions since 2018, alongside maintaining output and bolstering profitability.
Commenting on the financial performance and sustainability achievements, CEO Jason Hawkins emphasized the resilience of Carbery's business model amidst adversity. He highlighted the group's ability to prioritize shareholder returns, invest in business expansion, and advance sustainability objectives despite the challenging operating environment.
Cormac O’Keeffe, Carbery Group chairman, echoed sentiments of resilience and success, attributing the favorable outcomes to strategic decisions and robust business structures. O’Keeffe commended the efficacy of the FutureProof scheme in incentivizing sustainable practices among farmers, underscoring the group's commitment to environmental stewardship and profitability.
Despite market volatility driven by subdued consumer spending and geopolitical tensions, Carbery Group's Dairy business maintained resilience, processing 584 million liters of milk in 2023. This steadfast performance reflects the group's ability to navigate external challenges while sustaining operational efficiency and market relevance.
As Carbery Group navigates the evolving market landscape, bolstered by its commitment to sustainability and operational excellence, stakeholders remain optimistic about the organization's ability to thrive and drive positive change within the dairy industry.
