Whiskey galore as revenues and profits soar at spirits company
Pre-tax profits at drinks company Teeling Whiskey last year soared by 73pc to €2.95m.
New accounts show that the firm behind the Teeling Whiskey brand enjoyed a large hike in profits after revenues increased more than three-fold, going from €6.9m to €24.58m.
In June of last year, Teelings opened its €10m distillery and visitor centre in the Liberties area of Dublin.
The company was set up by brothers Jack and Stephen Teeling, the sons of well-known businessman John Teeling.
The business is at the forefront of the Irish whiskey industry, which is projecting that annual exports of €410m will double by 2020.
Irish Whiskey is the fastest-growing premium spirits category in the world and its global market share is set to grow by 300pc by 2030 to 12pc. By 2025 production will rise by 41pc from 2010 levels.
According to the directors for Teeling Whiskey "throughout 2015, the company has developed its own production plant and visitor centre in central Dublin to coincide with its brand development plan for its premium whiskey brand".
The directors state that the distillery is envisaged to act as a home for the Teeling Whiskey brand as well as provide pot-still manufacturing to ensure consistent supply of Irish whiskey for its brands.
The directors state that the distillation commenced in March 2015 and they "are satisfied with the production to date".
Employee numbers increased from 15 to 24 last year, with staff costs increasing from €709,241 to €1m.
Directors' remuneration last year increased from €155,000 to €235,000, which included €25,000 in pension contributions.
The directors include company managing director Jack Teeling and Stephen and Katharine Teeling. The accounts disclose that the company had an outstanding loan of €3.3m at year end from Jack Keeling - up from €3.04m at the start of the year.
A note confirms that the company also owed €366,095 to Stephen Teeling at the end of last year.
Jack and Stephen Teeling each hold 17pc of the Co Louth-based Great Northern Distillery (GND) Ltd to have a combined shareholding of 34pc.
In May 2015, the company sold whiskey to GND for €13.3m to facilitate the repayment of debt and throughout the year, Teeling purchased €1m in whiskey from GND.