Tipperary Water maker back in profit
Published 06/01/2016 | 02:30
Drinks group M&J Gleeson (Investments) Ltd returned to profit in 2014 as revenues climbed to €234m.
Alcoholic drinks firm C&C Group completed the purchase of M&J Gleeson for €12.4m in 2013 and new accounts show that the Gleeson group recorded a pre-tax profit of €3.26m in the 12 months to the end of February 2014.
The profit in 2014 followed the firm recording a pre-tax loss of €38m in 2013 due to a number of exceptional costs.
Revenues increased by 47pc from €159.7m to €234.86m in the 12 months to the end of February 2014 - however the prior period covered eight months.
The M&J Gleeson group's brands include Tipperary Mineral Water, the Finches range of soft drinks and the Estrella range of beers.
Accounts show that a dividend of €8.3m was paid out during the 2014 year.
Numbers employed by the firm reduced from 625 to 565.
The Gleeson group's gross profit in 2014 increased by 55pc going from €23.69m to €36.8m.
However, distribution costs of €10m and administrative expenses of €23m resulted in an operating profit of €3.7m and this followed an operating loss of €3.3m in 2013.