Mannok has published an overview of its 2022 operating performance for the 12 months ending December 31, 2022 – a period it described as one of continuing investment and progress on sustainability.

In 2022, turnover increased by 17.7 per cent on the prior year period, rising from €269.9m to €317.7m, which was largely driven by inflationary-induced pricing.

EBITDA (net income with interest, taxes, depreciation, and amortization added back) was unchanged on the prior year period at €25.8m, reflecting a gradual pass-through of rising input costs, fluctuations in the euro-sterling exchange rate, and a softening of demand in response to price pressures.

Notwithstanding the unfavourable cost environment, Mannok maintained employment levels and continues to employ more than 800 staff – an increase of 150 since 2014 – making it one of the largest employers in the region.

Liam McCaffrey, Chief Executive Officer, 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. During the year, in partnership with FL Smidth, we developed and implemented a new combustion system which will remove 40,000 tonnes of coal and more than 58,000 tonnes of carbon emissions from our cement production annually, equivalent to the annual carbon emissions of a mid-sized town.

“Our decarbonisation programme continues and post year-end we are progressing plans to generate green hydrogen on site, that will be used to replace diesel across over 70 per cent of the company’s 150 heavy-goods truck fleet on a phased basis by 2035.

READ MORE: Mannok makes giant step forward in decarbonizing cement production

“This investment is part of a broader suite of Green investments that will include wind and solar energy to deliver on our commitment to reduce carbon emissions by 33 per cent by 2030, and achieve net zero by 2050.

“We remain actively engaged with Evercore Partners on the optimum funding solutions to support this investment, which is aimed at delivering positive commercial and climate change impacts.”

Post year end, John Moran, Chief Executive Officer and founder of RHH International, Chairman of Grid Finance, Chairman of the Limerick Tunnel PPP and board member of Shannon Airport Group, as well as being a former Secretary General of the Department of Finance, a former board member of the European Investment Bank (EIB), and a former Chair of the Land Development Agency, was appointed non-executive Director of Mannok.

Mr. McCaffrey said: “I welcome John to the board and look forward to working closely with him, given his top-level experience at the EIB, a leader in sustainable finance and climate change.”

With operations straddling both sides of the Border, Mannok comprises two key divisions: Building Products, and Packaging.

Its key activities are the manufacture of cement, concrete, quarry and aggregate products, insulation materials, as well as the manufacturing of packaging products, mainly for the food industry, focused on the island of Ireland and GB markets.

Commenting on the outlook for the year ahead, Chief Financial Officer, Dara O’Reilly said: “Following some volatility in activity levels in 2022, we are seeing renewed momentum in the 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 Decemberm, 2014, to over €90m.”

Sustainability remains a key driver of investment and growth as Mannok progresses a €200+ million Green investment to reduce carbon emissions.

Post year-end, Mannok has been named as one of two companies in Northern Ireland to secure funding in a new £240m UK government Green energy scheme.

The funding will support Mannok in generating green hydrogen (H2) on site – a zero-emission fuel created using renewable energy that will be used to replace the use of diesel across much of the company’s heavy-goods fleet.

Mannok’s Green investment plan has been developed in collaboration with a number of state agencies and third-level institutions, including Innovate UK and Enterprise Ireland.

In addition, the company is a participant in Project HyLIGHT; an academic-led research initiative, supported by Science Foundation Ireland and 25 industry bodies, aimed at understanding and planning the country’s H2 transition.

The company was one of the main winners at the Lean Business Ireland Awards in 2022, which recognises significant progress in the introduction of Lean principles and practice throughout the organisation.

Among a range of customer awards received in the year, Mannok was announced as Supplier of the Year by IBC (Independent Buying Consortium) and Building Supplier of the Year by NBG (National Buying Group), both highly-influential buying groups in the UK construction sector.