Carbery Group, the West Cork based ingredients, flavours, and cheese producer, has reported higher revenues and operating profits for the year to the end of December.
Revenues for the year rose by 8% to €668m, while the group's operating profit jumped by 20% to €24.8m.
Group EBITDA (earnings before interest, tax, depreciation (net of grants), amortisation of goodwill and other intangibles and exceptional items) increased by 12% to €52m, the group added.
Carbery said its "strong" 2024 performance enabled the business to set aside €8.6m in the Stability Fund to support milk prices if needed in the future.
It said it maintained its commitment to its farmer shareholders by paying a leading milk price in 2024 and its second highest average milk price on record.
As part of its FutureProof sustainability bonus scheme, €4.7m was paid to farmers in 2024, with €12.2m paid out since the scheme started in 2022.
93% of the milk pool is coming from suppliers who are participating in the scheme.
Phase 2 of the initiative was launched in January this year, which increased the bonus available to a 1.25c/l on milk supplied, a 25% increase on 2024.
These new measures will make a further €7.2m available in 2025, Carbery said.
Breaking down its divisions, Carbery said that after the challenging opening to the year due to bad weather conditions, milk supply recovered and its farmer shareholders produced an "impressive" 574 million litres of milk in 2024 in its dairy division.
"The flexibility in producing both mozzarella and cheddar has become crucial in managing Carbery's cheese business and maximising returns in the market," it said.
Carbery said its Taste division saw record performance in all regions as the group continued to consolidate its position with existing customers and further accelerate the business in selected growth categories.
Its investment in Asia also continues to deliver, with the growing office in Singapore driving demand and growth across target segments with both existing customers and new business.
Meanwhile, the global whey protein market continued to experience significant growth last year and Carbery said its Nutrition business is well positioned to capitalise on this growth. It has a wide range of products under the Optipep and Isolac brands, which cater to various segments, including infant formula, sports nutrition and clinical nutrition.
Carbery said its nutritional ingredients are distributed to global customers in over 30 geographical markets.
Jason Hawkins, CEO of Carbery Group, said that 2024 was a year of strong, balanced performance across every part of the business.
"I am pleased to report revenue growth driven by positive dairy markets but also very strong organic growth and performance across our global business. Every division - Nutrition, Taste, and Dairy - delivered growth, showing the strength of our diversified model," he said.
"That performance enabled us to deliver value for our farmer shareholders and to invest in growth opportunities across the business," he stated.
He said that reducing the group's carbon emissions for Scope 1, 2 and 3 remains a key priority.
The company reported a continuing reduction in its emissions as it looks at avenues to achieve further reductions in the years ahead, in line with its commitment to Science Based Targets.
"Our farmer shareholders also recorded a reduction in their emissions and need to be commended for continuing to prioritise sustainable actions on their farms, while balancing challenges such as weather and input costs. We are delighted to support this work through our FutureProof bonus, under which we have paid out €12.2m since it started in 2022," the CEO said.
"We are also proud that we maintained our position as leaders in milk price and that our strong business performance has allowed us to set money aside for our Stability Fund. Our performance is very much a team effort, and credit is due to all our people globally who have worked to generate the successful performance we are reporting this year," he added.
