Border manufacturing firm 'Mannok' has today published an overview of its 2023 operating performance. Turnover at €311.9m was 1.8 per cent lower than the prior year. According to the local company, this was largely driven by sales price deflation for insulation and plastic packaging products. EBITDA in the period was up significantly to €44.9m, 74 per cent ahead of 2022. As well as publishing its yearly performance review today, Mannok has also announced a number of changes to its senior management team. Cumulative capital expenditure [CAPEX’] by Mannok since 2015 now exceeds €100m, including €12m in 2023. Planned CAPEX in 2024 is of a similar amount. Alongside ongoing investment, Mannok reduced its debt in the period by 30 per cent to €66.8m. 61-year-old Liam McCaffrey will retire as CEO on the 30th of June whilst remaining involved as a non-executive director. He will be succeeded by 51-year-old Dara O'Reilly, who is currently Mannok's CFO, with 47-year-old Brenda Rennick, Mannok's Finance Director, replacing Dara as Chief Financial Officer.
Commenting, Liam McCaffrey, Chief Executive Officer said: "Having supported our customers through several years of oppressive inflationary pressures, Mannok was pleased to see margin recovery during 2023 as cost absorption pressures eased somewhat. Investments in excess of €100m in the business over the past nine years has seen a doubling of turnover and a 7-fold increase in EBITDA, while also increasing employment by more than 150 employees in the same period. This is important progress as we embark on substantial investment in decarbonisation measures during the coming years."
