But group earnings before interest, depreciation, taxes and amortisation were unchanged from 2021 at €25.8 million, the company said in a statement. This reflected “a gradual pass through of rising input prices”, as well as fluctuations in the euro-pound exchange rate, which negatively impacted its cross-Border operations. Mannok also noted a “softening of demand” from consumers in response to decades-high levels of inflation last year.
“Notwithstanding the unfavourable cost environment,” Mannok said it had “maintained employment levels and continues to employ over 800 staff, an increase of 150 since 2014, making it one of the largest employers in the region.”The group also made progress with its €200 million green investment programme last year, it said.
“Operationally, our focus in 2022 was to mitigate inflationary impacts for our customers and employees and to ensure continuing momentum as inflationary pressures ease. Strategically, decarbonisation has been and remains a fundamental priority,” said Mr McCaffrey, adding that Mannok remains “actively engaged with Evercore Partners on the optimum funding solutions to support this investment.”
Looking ahead, chief financial officer Dara O’Reilly said: “Following some volatility in activity levels in 2022, we are seeing renewed momentum year to date and firmer demand, that inform a more encouraging outlook for the year ahead. Capital expenditure across the business increased by a further €11.6m in the period bringing total investment since acquiring the businesses in December 2014 to over €90 million.
Mr McCaffrey also welcomed the appointment of John Moran, former secretary general at the Department of Finance and chair of the Land Development Agency, to Mannok’s board as a non-executive director.
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