Mannok Holdings has reported higher turnover and flat earnings for the year to the end of December 2022 on the back of rising input costs.
Mannok, formerly know as Quinn Industrial Holdings, said its turnover rose by 17.7% from €269.9m to €317.7m, mainly due to inflationary induced pricing.
EBITDA for the year was unchanged on 2021 at €25.8m, which the company reflecting a gradual pass through of rising input costs, fluctuations in the euro-sterling exchange rate and a softening of demand in response to price pressures.
Despite the challenges, Mannok said it maintained its employment levels and continues to employ over 800 staff, an increase of 150 since 2014.
This makes it one of the largest employers in the border region.
Mannok comprises two key divisions - Building Products and Packaging.
Its main activities are the manufacture of cement, concrete, quarry and aggregate products, insulation materials, as well as the manufacturing of packaging products, mainly for the food industry. It is focussed on the Irish and UK markets.
Liam McCaffrey, the chief executive of Mannok said the company's focus in 2022 was to mitigate inflationary impacts for customers and employees and to ensure continuing momentum as inflationary pressures ease.
Strategically, decarbonisation has been and remains a fundamental priority for the company, he added.
"During the year, in partnership with FL Smidth, we developed and implemented a new combustion system which will remove 40,000 tonnes of coal and more than 58,000 tonnes of carbon emissions from our cement production annually, equivalent to the annual carbon emissions of a mid-sized town," he added.
Mr McCaffrey said the company's decarbonisation programme continues and it is progressing plans to generate green hydrogen on site, that will be used to replace diesel across over 70% of the company's 150 heavy-goods truck fleet on a phased basis by 2035.
He said this investment is part of a broader suite of green investments that will include wind and solar energy to deliver on its commitment to reduce carbon emissions by 33% by 2030 and achieve net zero by 2050.
"We remain actively engaged with Evercore Partners on the optimum funding solutions to support this investment which is aimed at delivering positive commercial and climate change impacts," he added.
Meanwhile, the former Secretary General of the Department of Finance John Moran has been appointed as a non-executive director of the company.
Mr Moran is CEO and founder of RHH International, while he is also Chairman of Grid Finance, Chairman of the Limerick Tunnel PPP and a board member of Shannon Airport Group.
