Advertisement

Revenue up but rising costs hit Mannok profits

The soaring cost of energy and raw materials has hit Mannok’s profits this year, but with demand for the company’s products remaining high it revenue is continuing to grow.

In its annual performance review, published this morning (Thursday), covering the 12 months ending on December 31, Mannok Holdings DAC it announced its revenue had increased by 16 percent €233.2m to €269.9m, which the company said reflected good volume growth and customer demand.

However, Mannok’s EBITDA (Earnings Before Interest, Tax, Depreciation and Amortisation) for the year was €25.8 million, down from €31.1 million the year before.

Advertisement

The company said this was due to “substantial cost absorption” from mid-year last, including a 66 percent rise in energy costs, carbon credits increasing from around €33 to €80 per tonne, and price increases due to global raw material shortages.

The company said it demand was resilient, however, and was being supported by stronger cost recovery and a levelling out of energy prices which had driven stronger profitability post year end, following two challenging quarters.

Mannok added it had invested €12.7 million investment last year, bringing its investment in the company to €78.5 million to date, with a further €8 million investment planned for the coming months.

The company also said it was in the process of preparing for a “+€200m Green Investment that will transform Mannok’s production and distribution processes into one of the cleanest in its industry.”

 

To read more on this story see next week’s Fermanagh Herald. Can’t get to the shop to collect your copy? No problem! You can download a copy straight to your device by following this link https://bit.ly/3gOl8G0

To read more.. Subscribe to current edition

Receive quality journalism wherever you are, on any device. Keep up to date from the comfort of your own home with a digital subscription.
Any time | Any place | Anywhere

Top
Advertisement