Carbery Group, the West Cork-based international ingredients, flavours, and a cheese producer, has reported a drop in group turnover and operating profit for the year ended 31 December 2023.
Group turnover was €616.1m but was down 11% year-on-year.
Operating profits before interest, tax and amoritisation decreased to €25.5m from €33m in 2022.
The groups flavour and nutrition businesses performed well in the period but its dairy business was impacted by the volatility of dairy markets driven by subdued consumer spending due to cost-of-living concerns, high dairy supply from 2022, geopolitical tensions and supply chain disruptions.
"Our performance this year across our business was steady which is a testament to the resilient nature of our business model and to the decisions we have made," said Jason Hawkins, CEO of the Carbery Group.
"The strength of our diversified business model and our balance sheet allowed us to pay the second highest milk price in our history to our shareholders while also continuing to invest in the business and deliver on our sustainability ambitions.
"Carbery is very proud that despite a challenging year, we managed to maintain our position as leaders in milk price," he added.
Carbery Group had a successful year in meeting sustainability targets, recording a reduction of 5.27% in carbon emissions from production and supply chain since 2022 while on farm emmissons (scope 3) fell 3.51%. Water use across the group fell 1%.
The company, headquartered in Ballineen, Co Cork, employs 1,000 people and has 1,180 local farmer suppliers.
It is owned by four Irish co-operatives, Bandon, Barryroe, Drinagh and Lisavaird.
Carbery also has operations in the UK, the US, Brazil, Italy, Singapore, Indonesia and Thailand and sells to more than 50 countries worldwide.
