Tough year leads to slump in profits at Mars Ireland
Published 02/08/2014 | 02:30
Extremely challenging trading conditions at the Irish arm of food giant Mars contributed to a slump in sales and profits last year.
New accounts just filed by Mars Food Ireland Ltd show that the firm recorded a 44pc decrease in pre-tax profits from €9.7m to €5.4m.
This followed revenues at the firm decreasing by 5.6pc going from €135.4m to €127.7m in the 12 months to the end of December 28 last.
The directors state that "trading conditions in Ireland remain extremely challenging with continued pressure on consumers' disposable income, impacting sales growth in 2013".
The firm operates in four consumer good categories: food, chocolate, pet care and gum.
Some of the business' brands include Uncle Ben's Rice, Snickers bars and Pedigree and Whiskas pet foods.
The drop in operating profits was even more acute declining by 51pc from €9.79m to €4.75m. However, interest receivable and other finance income totalling €690,000 contributed to the €5.4m pre-tax profit.
The firm's accumulated profits stood at €6.6m. Numbers employed dipped from 132 to 131 with staff costs declining from €10.34m to €10m.
Six directors served during the year and directors' emoluments increased from €691,000 to €830,000.
Director Michael Meghan is a partner at Arthur Cox and the company paid Arthur Cox €171,546 in legal fees.
Irish IndependentFollow @Indobusiness