Kerry Group plc chief executive officer Edmond Scanlon saw his total remuneration in 2023 rise by €700,000 to €4.6m, with almost 70% of that package from short- and long-term bonus payments.

CEO of Taste and Nutrition Gerry Behan received €3.1m and CFO Marguerite Larkin got €2.6m. Group chair Tom Moran was paid €405,000 in fees in 2023.

The company reported a drop in earnings before interest, taxes, depreciation and amortisation (EBITDA) to €1.17bn for the year in February, with EBITDA at the Dairy Ireland business falling from €71m in 2022 to €53m.

Last year, Dairy Ireland accounted for only 4% of Kerry Group’s earnings.

Annual report

Scanlon said in the annual report published Friday 15 March that 2023 “represented a turbulent year for Dairy Ireland given the significant change in market conditions”.

He said that the 6.5% drop in volumes at Dairy Ireland during the year was due to supply conditions and elevated input costs.

An analysis of global revenue showed that Dairy Ireland’s market became more concentrated in Ireland and Europe during the year, with revenue from the rest of the world dropping from €158m in 2022 to €78m in 2023, a drop of 53%.

While the annual report makes no mention of any strategic plans for Kerry Dairy Ireland, Scanlon previously made clear that he was “open to offers” for the division.

As recent Irish Farmers Journal analysis showed, there may be a very limited market for a low-margin dairy business in the current economic climate.

Kerry Group plc will hold its annual general meeting on 2 May.