Revenue at West Cork-based cheese group Carbery increased by 17% last year to just under €535.7m.
Carbery said its group EBITDA (Earnings before interest, tax, depreciation (net of grants), amortisation of goodwill and other intangibles and exceptional items) increased by 12% to €50.1m
The group's net debt position at the end of the year stood at €79.6m, up from €57.8m in 2020.
612m litres of milk were processed at Carbery's Ballineen site, an increase of 2.7% in milk volume.
The group expanded in May 2021, acquiring Innova, a Chicago-based international flavours company.
Carbery makes Dubliner Cheese and Carbery Cracker for the Irish market as well as cheese for export under the Ornua brands.
In 2020 it completed a €78m expansion of its West Cork headquarters, which was part of a plan by the dairy and ingredients company to reduce its reliance on the British market post Brexit.
The new facility in Ballineen means the company can produce new varieties of cheese - including mozzarella and grilling cheese - for sale in Europe and Asia.
"While our financial performance was solid, I would characterise 2021 as having a focus on investing for the future," said Jason Hawkins, CEO of Carbery
"We saw the first full year of production in our new Ballineen cheese facility, while also bringing online expanded R & D facilities in the US, as well as our acquisition of US based Innova Flavors in May 2021.
"This was a key strategic acquisition for us, expanding our savoury capabilities in the US for our customers, and adding new markets globally," he said.
Mr Hawkins said the company expects continued growth this year, and is well placed to withstand external challenges.
"We will face the same challenges as others, in terms of supply chain, increasing costs, especially energy, and other unforeseen circumstances.
"I am confident, having seen the business be resilient in the face of the challenges of the last few years, that we have the right business model and team in place to see Carbery through to another positive performance next year and in the years ahead," he said.
