Stowmarket maltster Muntons has celebrated another record year, announcing pre-tax profits of over £20m for the first time.
The malt and malted ingredients manufacturer announced the news at its AGM, following 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 reaching the £20m mark a year earlier than projected.
Elsewhere, profit grew to £9.3m, representing a 60% boost in pre-tax profit over the past three years.
A spokesman said that Muntons continues to invest in the long-term sustainable growth of the business by increasing investment to £9.4m, all while decreasing debt.
Proud of its local and national sustainability record, one of Muntons’ most significant achievements of the past year was the King’s Award for Sustainable Development.
The award recognises the company’s efforts to reduce its environmental impact up- and downstream in the supply chain, including its pioneering work with 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 is at the heart of everything we do, so much so that this year is the first time 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 reduced emissions across all its UK sites by 54% compared to its 2010 baseline, surpassing its original 45% reduction target for 2025 early in 2022. For the past five years, Muntons has earned Gold or Platinum EcoVadis Sustainability Ratings, with its current Gold rating placing it in the top 5% globally. Muntons also recently launched Climate Positive Malt, a low-carbon malt for craft brewers that cuts carbon emissions by 30% versus regular malt, helping customers lower their Scope 3 emissions.
New Chair announced
During the AGM, Muntons appointed Chris Thomas as its new Chair, succeeding Paul Wells, who retires after 34 years on the board, including 12 as Chair. Chris, who joined the board in June 2023, brings extensive leadership experience from major food and dairy companies such as PepsiCo, Mars, and First Milk. He praised Muntons’ commitment to sustainability and investment in its people.
Managing Director Mark Tyldesley thanked Paul Wells for his transformative leadership and welcomed Chris, expressing confidence in his ability to help drive Muntons’ future success.
