Rapid growth at Glenilen Farm as profits rise
THE award-winning Cork-based Glenilen food business last year continued its rapid growth, with its accumulated profits increasing by €91,277.
Driven by double-digit growth in Ireland and Britain last year, 2013 accounts for Glenilen Farm Ltd show the business increased its accumulated profits, going from €229,045 to €320,322 in the 12 months to the end of February 28, 2013.
This followed accumulated profits increasing from €157,746 to €229,045 in the 12 months to the end of February 28, 2012. The firm's cash pile declined from €146,207 to €120,918 in 2013.
The enterprise produces a range of mainly dairy-based products, including the well-known Glenilen brand of yoghurts. The business started off as a hobby in 1996 for owners Alan and Valerie Kingston.
Today, the enterprise employs 40 people with a production plant at the couple's 55-acre dairy farm near Drimoleague in Co Cork. Products include cheesecakes, desserts, cream cheese, lemonade cordial, butter and creme fraiche.
Recently, the business secured significant contracts with Tesco UK and Aer Lingus to supply desserts.
The Tesco UK deal is to supply 138 stores in Britain with lemon cheesecake, chocolate mousse and passion fruit panna cotta from this month, while the deal with Aer Lingus will provide cheesecake on the airline's pre-order menus for European flights.
The firm's two largest customers are Tesco in Ireland and Musgrave.
The new deals are expected to increase revenues to around €4.6m in the current financial year. This compares with €4.25m in the 12 months to the end of February 2014.