Latest news with #FutureProof
Irish Examiner
23-05-2025
- Business
- Irish Examiner
April milk prices confirmed by co-ops
The milk price for April has been confirmed by Dairygold, Carbery, Tirlán, and Lakeland Dairies. Dairygold has maintained the April quoted milk price at 50cpl, based on standard constituents of 3.3% protein and 3.6% butterfat, inclusive of sustainability and quality payments and VAT. This price equates to an average of 54.6cpl farm gate milk price based on the average solids achieved in April by milk suppliers. The quoted price for April was based on EU Standard constituents of 3.4% protein and 4.2% butterfat, and is 54.5cpl, inclusive of VAT. A spokesperson for Dairygold commented that 'global milk production continues to be relatively steady, but buyers remain cautious amid the threat of tariffs… Butter prices have maintained their strong price levels, although other dairy products have been less robust.' Carbery has maintained its milk price for the month of April. If this is carried across the four West Cork co-ops, Bandon, Barryroe, Drinagh, and Lisavaird, this will result in an average milk price of 52.12cpl, inclusive of VAT, 0.5cpl somatic cell count (SCC) bonus, and the FutureProof sustainability bonus. The base milk price adjustment for SCC and the FutureProof bonus figures are quoted excluding VAT. The total FutureProof bonus available in 2025 is 1.25cpl, an increase of 0.25cpl. Similarly to the Dairygold spokesperson regarding uncertainty of tariffs, Carbery have said "wider uncertainty around the outlook for global markets in the face of potential tariffs is somewhat impacting dairy market performance'. Tirlán will pay a total of 50.08cpl, including VAT, for April milk supplies at 3.6% butterfat and 3.3% protein. The April milk price consists of the base milk price of 49.58 cpl (including VAT), which is unchanged from March, and the sustainability action payment of 0.5 cpl (including VAT) to all qualifying suppliers. Both payments will be adjusted based on the actual constituents of milk delivered by farmers. The actual average price paid by Tirlán for April creamery milk, based on delivered constituents, will be 54.99 cpl (including VAT). Tirlán chairperson, John Murphy, said: 'While dairy markets are relatively stable, there has been a decline in returns for some individual products. We are pleased to be able to maintain farm gate milk price at over 50 cent per litre for the high-volume month of April. "The outcome of trade discussions over the coming period is likely to impact market direction. Consumer reaction to higher prices will also need to be closely watched.' Lakeland Dairies has also left the price of milk unchanged for milk supplied in April. The base price of 48.75cpl for constituents of 3.6% butterfat and 3.3% protein, a retention of last month's price. This price is inclusive of the 0.5cpl sustainability incentive payment. Lakeland Dairies has said that although there are geopolitical tensions and uncertainty surrounding the economic performance of dairy, the supply-demand dynamic remains largely in balance, which is providing market stability.
Yahoo
16-05-2025
- Business
- Yahoo
Bacardi Welcomes Students From Florida International University's Chaplin School of Hospitality & Tourism Management to Bermuda Headquarters
HAMILTON, BERMUDA / / May 16, 2025 / Bacardi, the world's largest privately held international spirits company, proudly welcomed 80 students and seven faculty members from Florida International University (FIU) to its global headquarters in Bermuda last week as part of an immersive learning experience focused on the hospitality, tourism, and beverage industries. The visiting students, representing FIU's Chaplin School of Hospitality & Tourism Management, arrived in Bermuda via transatlantic cruise and spent the day at the Bacardi Global Headquarters as part of a full-day educational program curated by the Bacardi Bermuda team. The visit was organized in collaboration with FIU's "Hospitality at Sea" program and is part of the university's broader experiential learning initiative. The visit included a guided tour of the iconic Bacardi Global Headquarters building and art collection. The agenda featured presentations on the Company's heritage, strategic brand acquisitions, and its global 'Good Spirited' corporate sustainability initiatives. The experience culminated with a curated product tasting and lunch at the Bacardi 1862 Cocktail Bar for guests, all of which were of legal drinking age. "This visit reflects our shared commitment to educating and inspiring the next generation of hospitality leaders by offering unique exposure to our company's heritage, values, and vision for the future," said Douglas Mello, Managing Director of Bacardi International Limited. "We're proud to open our doors to students who are passionate about the industry and eager to learn from real-world examples of brand building, innovation, and sustainability." The longstanding partnership between Bacardi and FIU began in 2020 with the establishment of the Bacardi Center of Excellence at the Chaplin School of Hospitality & Tourism Management. This initiative, supported by a $5 million gift from Bacardi U.S.A., aims to inspire and educate the hospitality community on spirits, entrepreneurship, and beyond. The collaboration has led to the development of specialized beverage curricula, financial assistance for students, and the creation of programs like Future Proof-a certified bar training program designed to equip aspiring hospitality professionals with the skills needed to excel in the industry. In Bermuda, the Future Proof program is currently offered through the Bermuda Tourism Authority, making the training accessible to local residents interested in hospitality careers. The faculty delegation was led by Professor John D. Buschman, Co-Director of the Global Sustainable Tourism Program. Other participating professors represented a range of specialties including international marketing, cuisine, leadership, and cruise line operations. Bacardi has long supported education and workforce development in the hospitality industry through global initiatives such as Shake Your Future and its partnership with the Bacardi Center of Excellence at FIU. About Bacardi LimitedBacardi Limited, the world's largest privately held international spirits company, produces, markets, and distributes spirits and wines. The Bacardi Limited portfolio comprises more than 200 brands and labels, including BACARDÍ® rum, PATRÓN® tequila, GREY GOOSE® vodka, DEWAR'S® Blended Scotch whisky, BOMBAY SAPPHIRE® gin, MARTINI® vermouth and sparkling wines, CAZADORES® 100% blue agave tequila, and other leading and emerging brands including WILLIAM LAWSON'S® Scotch whisky, D'USSÉ® Cognac, ANGEL'S ENVY® American straight whiskey, and ST-GERMAIN® elderflower liqueur. Founded more than 163 years ago in Santiago de Cuba, family-owned Bacardi Limited currently employs more than 8,000, operates production facilities in 11 countries and territories, and sells its brands in more than 160 markets. Bacardi Limited refers to the Bacardi group of companies, including Bacardi International Limited. Visit or follow us on LinkedIn and Instagram. View additional multimedia and more ESG storytelling from Bacardi-Martini, Inc. on Contact Info:Spokesperson: Bacardi-Martini, info@ SOURCE: Bacardi-Martini, Inc. View the original press release on ACCESS Newswire
RTÉ News
23-04-2025
- Business
- RTÉ News
Revenues and profits increase at Cork's Carbery Group
Carbery Group, the West Cork based ingredients, flavours, and cheese producer, has reported higher revenues and operating profits for the year to the end of December. Revenues for the year rose by 8% to €668m, while the group's operating profit jumped by 20% to €24.8m. Group EBITDA (earnings before interest, tax, depreciation (net of grants), amortisation of goodwill and other intangibles and exceptional items) increased by 12% to €52m, the group added. Carbery said its "strong" 2024 performance enabled the business to set aside €8.6m in the Stability Fund to support milk prices if needed in the future. It said it maintained its commitment to its farmer shareholders by paying a leading milk price in 2024 and its second highest average milk price on record. As part of its FutureProof sustainability bonus scheme, €4.7m was paid to farmers in 2024, with €12.2m paid out since the scheme started in 2022. 93% of the milk pool is coming from suppliers who are participating in the scheme. Phase 2 of the initiative was launched in January this year, which increased the bonus available to a 1.25c/l on milk supplied, a 25% increase on 2024. These new measures will make a further €7.2m available in 2025, Carbery said. Breaking down its divisions, Carbery said that after the challenging opening to the year due to bad weather conditions, milk supply recovered and its farmer shareholders produced an "impressive" 574 million litres of milk in 2024 in its dairy division. "The flexibility in producing both mozzarella and cheddar has become crucial in managing Carbery's cheese business and maximising returns in the market," it said. Carbery said its Taste division saw record performance in all regions as the group continued to consolidate its position with existing customers and further accelerate the business in selected growth categories. Its investment in Asia also continues to deliver, with the growing office in Singapore driving demand and growth across target segments with both existing customers and new business. Meanwhile, the global whey protein market continued to experience significant growth last year and Carbery said its Nutrition business is well positioned to capitalise on this growth. It has a wide range of products under the Optipep and Isolac brands, which cater to various segments, including infant formula, sports nutrition and clinical nutrition. Carbery said its nutritional ingredients are distributed to global customers in over 30 geographical markets. Jason Hawkins, CEO of Carbery Group, said that 2024 was a year of strong, balanced performance across every part of the business. "I am pleased to report revenue growth driven by positive dairy markets but also very strong organic growth and performance across our global business. Every division - Nutrition, Taste, and Dairy - delivered growth, showing the strength of our diversified model," he said. "That performance enabled us to deliver value for our farmer shareholders and to invest in growth opportunities across the business," he stated. He said that reducing the group's carbon emissions for Scope 1, 2 and 3 remains a key priority. The company reported a continuing reduction in its emissions as it looks at avenues to achieve further reductions in the years ahead, in line with its commitment to Science Based Targets. "Our farmer shareholders also recorded a reduction in their emissions and need to be commended for continuing to prioritise sustainable actions on their farms, while balancing challenges such as weather and input costs. We are delighted to support this work through our FutureProof bonus, under which we have paid out €12.2m since it started in 2022," the CEO said. "We are also proud that we maintained our position as leaders in milk price and that our strong business performance has allowed us to set money aside for our Stability Fund. Our performance is very much a team effort, and credit is due to all our people globally who have worked to generate the successful performance we are reporting this year," he added.
Irish Examiner
23-04-2025
- Business
- Irish Examiner
March milk prices confirmed
Dairygold, Carbery, Tirlán, and Lakeland Dairies have all announced their March milk prices. Dairygold announced they will be maintaining their quoted milk price of 50cpl based on standard constituents of 3.6% butterfat and 3.3% protein, inclusive of sustainability and quality payments and VAT. Dairygold milk suppliers will receive, on average, a farm gate milk price of 55.3cpl based on average milk solids achieved for March 2025. A Company spokesperson commented that 'Dairy markets have remained generally stable, despite the ongoing, significant geopolitical risks. Global milk production remains relatively stable, but buyers remain cautious in advance of the EU peak milk supply, as well as the threat of tariffs.' For the first time in 2025, Carbery reduced its base milk price by 1cpl. With this reduction, if it is applied across all four West Cork co-ops; Bandon, Barryroe, Drinagh and Lisvard, this will result in an average milk price of 52.12cpl, inclusive of VAT, and a 0.5cpl somatic cell count (SCC) bonus and FutureProof sustainability bonus, excluding VAT. A spokesperson for Carbery said: "Our milk price has been strong since the beginning of the year. Our adjustment this month is bringing milk price more in line with actual market performance.' Farmers supplying Tirlán will receive a total of 50.08cpl, including VAT, for March at 3.6% butterfat and 3.3% protein. This price is made up of a base milk of 49.58cpl (including VAT), a reduction also of 1cpl from February and a Sustainability Action Payment of 0.5cpl (including VAT) to all qualifying suppliers. The actual average price paid by Tirlán for March creamery milk, based on delivered constituents, will be 55.24cpl (including VAT). Tirlán Chairperson John Murphy said: 'While dairy markets are relatively stable, our milk price required a realignment to reflect market returns. Overall, supply and demand are generally in balance. Global milk supply growth is weak, with Bluetongue, Avian Flu and Foot and Mouth negatively impacting milk production in some regions. There is considerable uncertainty about the potential impact of tariffs in the coming months. The Board will continue to monitor developments on a monthly basis.' Lakeland Dairies has decided to keep its February milk price for March. A base price of 48.75cpl (3.6% butterfat and 3.3% protein) will be paid for March milk in Ireland, which is inclusive of the 0.5cpl Sustainability Incentive Payment. The Chairperson of ICMSA's Dairy Committee, Noel Murphy, has called for a reversal of cuts made to the February milk price. 'The 'Trump drama' is a medium-to-long-term concern but has no impact on current pricing and must not be used as an excuse to reduce milk price for March. There's a long way to go before we see the true implications of the US imposition of swingeing tariffs, and it's not wise or prudent to anticipate or even guess what's going to happen in the coming months. "The global milk market is in a good position, and with the weather doing its best to drive production across the country, those setting the price should be looking to sunnier days too. There's an unanswerable case to reverse the cuts to February milk price and deliver market returns in excess of 50cpl base price', he said. Mr Murphy said the justification for milk price cuts appears to be based on reductions of 'spot' prices. These February 'spot' prices have not only reversed, but prices have also improved for butter, skimmed milk powder (SMP), and whole milk powder (WMP) during March. The latest Dutch dairy quotations, published on April 16, show that fresh butter price has reduced by €50, resulting in €7,250/t net ex-works, WMP down by €80, resulting in €4300/t, and SMP down by €40, resulting in €2,390/t. As of April 15, Global Dairy Trade (GDT) has reported an overall increase of 1.6% in the GDT Price Index, resulting in an average price of €3,854/t. GDT Price Index also reports an increase of 1.5% in butter, making the weighted average price €6,750/t and an increase of 2.8% for WMP, resulting in a weighted average price of €3,666/t. SMP has seen a reduction of 2.3% on the GDT Price Index, bringing its weighted average price to €2,457.
Agriland
23-04-2025
- Business
- Agriland
Carbery operating profit up 20% after ‘strong financial performance'
Milk processor and dairy business Carbery Group has recorded what it calls a 'strong financial performance' for 2024, with operating profit up approximately 20%. Group turnover also increased for the year ended December 31, Carbery said. Revenue increased by 8% to €668 million, while group EBITDA (earnings before interest, tax, depreciation, and amortisation) increased by 12% to €52 million. Carbery reported an operating profit of €24.8 million, an increase of €5.2 million, or 20%, from 2023. The group said that its performance allowed it to set aside €8.6 million for its Stability Fund 'to support milk price if needed in the future'. Carbery paid its second-highest annual average milk price on record in 2024. Also, €4.7 million was paid to farmers for sustainability actions undertaken in 2024 under the FutureProof sustainability bonus, bringing the total paid out under that bonus to €12.2 million since it started in 2022. 93% of Carbery's milk pool is coming from suppliers who participate in the FutureProof programme. Carbery said that, after a challenging opening to the year due to bad weather conditions, milk supply recovered, with its suppliers producing 574 million litres of milk in 2024. The business noted that flexibility in producing both mozzarella and cheddar 'has become crucial' in managing Carbery's cheese business and 'maximising returns'. Carbery said its taste division went 'from strength to strength' due to a focus on business development and increased consumer demand. Record performance in the division was seen in all regions as the group consolidated its position with existing customers and accelerated the business in certain growth categories, the group said. Investment in Asia 'continues to deliver', with a growing office in Singapore 'driving demand and growth across target segments'. In the nutrition division, Carbery said that the global whey protein market continued to experience growth in 2024, and that the business 'is well positioned to capitalise on this growth with an extensive range of products…catering to various segments, including infant formula, sports nutrition, and clinical nutrition'. On sustainability, Carbery said it reduced its 'scope 1' emission (direct business emissions) and 'scope 2' emissions (emissions from the purchase of electricity and other business inputs) by a combined 3.09%, while on-farm emissions among suppliers fell by 1.56%. Commenting on the 2024 results, Carbery chief executive officer (CEO) Jason Hawkins said: '2024 was a year of strong, balanced performance across every part of our business. I am pleased to report revenue growth driven by positive dairy markets but also very strong organic growth and performance across our global business. 'Every division – nutrition, taste, and dairy – delivered growth, showing the strength of our diversified model. That performance enabled us to deliver value for our farmer shareholders and to invest in growth opportunities across the business.' 'We are proud to report a continuing reduction in our emissions as we look at avenues to achieve further reductions in the years ahead, in line with our commitment to science-based targets,' Hawkins said. 'Our farmer shareholders also recorded a reduction in their emissions, and need to be commended for continuing to prioritise sustainable actions on their farms, while balancing challenges such as weather and input costs,' he added. On the outlook for 2025, the Carbery CEO said: 'I am pleased with our healthy financial position and believe we can build on this performance, putting us in a strong position to capitalise on growth opportunities. Any investment across our business is supported by a strong balance sheet. 'That said, we must balance this activity with the challenges that may emerge in the global economy and manage the uncertainty in the outlook for global markets. We will always make decisions based on the long-term success and viability of the company. Even with current challenges, we are well positioned to achieve long-term success,' Hawkins commented.
