Earnings have topped a record 拢20m at Muntons, a key supplier of malt to the brewing, distilling and food industries.
The family-owned firm, which operates a Bridlington base and also produces malted ingredients, saw Ebitda rise from 拢19.6m to 拢20.2m last year, as pre-tax profits climbed from 拢8.5m to 拢9.2m. The earnings growth came despite a drop in turnover from 拢177.8m to 拢154.5m, owing to falls in the price of Barley.
Bosses told shareholders at the firm annual general meeting that breaking the 拢20m mark had come a year earlier than expected. And a 拢4.3m reduction in company debt to 拢48.6m meant a final dividend of 129p per share was proposed.
Investment across the year totalled 拢9.4m with group managing director saying Mark Tyldesley saying spending would continue into 2025 as a number of projects already under way to increase capacity and future proof existing capabilities. The year also included Muntons achieving a King's Award for Sustainable Development which recognised the firm's efforts to reduce environmental impact, including work with farmers to introduce regenerative agriculture practices.
Mr Tyldesley said: "2024 was another strong year for Muntons. After a record-breaking 2023, we were able to consolidate our growth and make strong progress for the years ahead. Our focus last year was our people 鈥 we delivered a year-long programme aimed at upskilling team leaders, increasing technical skills and introducing new recognition initiatives and more transparent career progression.
鈥淥ur biggest achievement of 2024 was receiving the Kings Award in recognition of our commitment to sustainability and reducing our emissions. Sustainability sits at the heart of everything we do, so much so that this year is the first time that we鈥檝e published an integrated Annual Review & Sustainability Report. For us, our environmental performance is just as important as our financial performance.
鈥淟ooking ahead, we will continue to invest in our growth with projects which will increase our capacity and future-proof existing capability, such as a new multimillion-pound intake at our Flamborough Maltings in Bridlington and state-of-the-art, energy-efficient kilns at our Stowmarket site in Suffolk.鈥
During the AGM, Chris Thomas was elected Muntons' new chair, taking over from Paul Wells who is retiring after 34 years as a board member. Mr Thomas, who has held non-executive positions at companies such as Bakkavor, PepsiCo and Mars, said: 鈥淚n the almost two years that I鈥檝e been a member of the Muntons鈥 board, I鈥檝e been hugely impressed with the business. From its unwavering commitment to sustainability and reducing its environmental impact, to the continued investment in its people.
"I鈥檓 immensely proud to have been elected as chair and am looking forward to working with the whole Muntons team to help the business continue to thrive.鈥
