Muntons, the malt and malted ingredients manufacturer is celebrating another record year having exceeded £20m in earnings (EBITDA) for the first time.
The maltster held its Annual General Meeting on Saturday 17th May following the publication of its first integrated Annual Review & Sustainability Report. Shareholders heard that the company achieved £20.2m EBITDA in the 2024 financial year, achieving its goal of breaking the £20m mark a year earlier than projected.
Elsewhere, profit grew to £9.3m, representing a 60% improvement in pre-tax profit over the past three years. Muntons continued to invest in the long-term sustainable growth of the business by increasing investment to £9.4m, all while decreasing debt.
Serious about sustainability
A sustainability leader both locally and nationally, one of Muntons’ most significant achievements of the past year was being awarded the King’s Award for Sustainable Development. The award recognised the company’s efforts to reduce its environmental impact both up- and downstream in the supply chain, including the ground-breaking work it's carrying out with its farming partners to reduce on-farm emissions through regenerative agriculture practices.
Group Managing Director, Mark Tyldesley, commented: “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 – we delivered a year-long programme aimed at upskilling team leaders, increasing technical skills and introducing new recognition initiatives and more transparent career progression.
“Our 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’ve published an integrated Annual Review & Sustainability Report. For us, our environmental performance is just as important as our financial performance.
“Looking ahead, we will continue to invest in our growth with projects which will increase our capacity and future-proof existing capability, such as new state-of-the-art, energy-efficient kilns at our Stowmarket site, and a multimillion-pound intake at our Flamborough Maltings in Bridlington, Yorkshire.”
As of the end of 2024, Muntons has decarbonised emissions across all its UK sites by 54% vs. its 2010 baseline. Initially its target was a reduction of 45% by 2025, but the company achieved this early in 2022. For the last five years Muntons has achieved either a Gold or Platinum Level EcoVadis Sustainability Rating, a globally recognised platform that assesses and rates business sustainability performance. Its current Gold Level rating puts it in the top 5% of companies assessed worldwide.
Muntons has also just launched a game-changing low-carbon malt for its craft brewing customers. Its Climate Positive Malt offers a 30% reduction in carbon emissions vs. regular malt, helping its customers drastically reduce their Scope 3 emissions.
New Chair announced at AGM
During the AGM, Muntons welcomed Chris Thomas as its new Chair. Chris has a strong track record of successful leadership in the food and dairy sectors, having held senior executive and non-executive positions across a range of businesses including First Milk, G’s, Tulip UK, Adelie Foods, Bakkavor, St. Ivel, PepsiCo and Mars. He joined the Muntons board in June 2023.
Chris takes on the role following the retirement of Paul Wells, who has spent 34 years as a Muntons Board member, having joined in 1990, including 12 as Chair following his election in 2011.
Commenting on his appointment, Chris Thomas said: “In the almost two years that I’ve been a member of the Muntons’ Board, I’ve 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’m 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.”
Mark Tyldesley added: Paul’s departure marks the end of an era; his influence, leadership and strategic vision have been instrumental in shaping Muntons into the successful, forward-thinking company it is today. As he concludes his remarkable tenure, and on behalf of the entire team, we extend our deepest gratitude and best wishes for his well-earned retirement.
“I am now looking forward to working closely with Chris to continue to drive the business forward. With a wealth of experience as both a Chair and Non-Exec Director, we are confident that Chris will be an incredible asset Muntons and will help to continue to strengthen the company for the years ahead.”
