Business Irish

Saturday 3 December 2016

Weak sterling impacted on results, says Lir parent

Published 20/01/2010 | 05:00

Zetar, the AIM-listed British confectioner that acquired Irish chocolate-maker Lir in 2007, said yesterday that margin pressures experienced by the Navan-based subsidiary weighed down on results in the six months to the end of last October.

  • Go To

Lir suffered due to the weakness of sterling against the euro.

"While Lir achieved strong volume sales growth to UK customers . . . the continued weakness of sterling against the euro reduced the value of Lir's UK sales and operating profits by £250,000 (€286,000) against the comparable period," said Zetar. Zetar agreed in 2007 to pay up to €8m to buy Lir, which had been co-founded by Senator Mary White and Connie Doody in 1987. The deal included an up-front cash payment of €3.3m and additional performance-related payments of up to €4.7m. That additional consideration could become payable within the next two years.

The British chocolatier posted revenue of £57.1m (€65.5m) in the interim period to the end of October, up 7pc on the same period in 2008. Earnings before interest, tax, depreciation and amortisation rose 18pc to £3.9m (€4.5m). Turnover for the eight months to the end of December was 10pc higher at £80m (€91.7m).

Irish Independent

Read More

Promoted articles

Editors Choice

Also in Business