Ex-BoI chief executive Boucher named chairman of Clonbio Group

Richie Boucher joins agribusiness as it reports record full-year profits of €96m

Clonbio chief executive Mark Turley, and new chairman Richie Boucher. Photograph: Shane O’Neill/Coalesce.

Clonbio chief executive Mark Turley, and new chairman Richie Boucher. Photograph: Shane O’Neill/Coalesce.

 

Irish-owned agribusiness company ClonBio Group has appointed former Bank of Ireland chief executive Richie Boucher as its chairman.

The appointment comes as the company reported a marginal increase in pretax profits despite the coronavirus pandemic to €96 million for 2020. This compares to €95 million a year earlier. Turnover totalled €360 million as against €361 million in 2019.

Clonbio is in the middle of a €200 million, three-year investment programme into a variety of bio-based products, led by alternative protein concentrates and isolates for use in human and animal nutrition. It said it invested €66 million under this strategy last year with a similar figure for 2019.

Overall, the company has invested over €500 million since 2010.

Founder and chief executive Mark Turley said 2021 had started strongly with the company expected to make “meaningful progress” during the year.

“ClonBio will be a very different business in a few years’ time, presenting significant optionality in terms of future growth and development priorities,” he said.

ClonBio Group’s biorefinery on the banks of the Danube in Hungary
ClonBio Group’s biorefinery on the banks of the Danube in Hungary

The group’s core operating company, Pannonia Bio, is a maize-based biorefinery located on the banks of the Danube in Hungary. It manufactures sustainable bioproducts such as GMO-free proteins.

Group employment increased by 50 to 300 last year, the company said.

Mr Boucher said he foresaw a very positive outlook for the company.

“ClonBio is significantly ahead of the curve in tapping into sustainability solutions that align with consumer and corporate preferences for bio-based and circular economy solutions,” he said.

“I am hugely excited by its green credentials, its standout commercial prospects and the tremendous capacity of its strong R&D team to develop cleaner, greener, safer solutions,” Mr Boucher added.