Saturday 7 December 2019

Booming sales taste good as yogurt firm makes healthy profit

Profits: Glenisk boss Vincent Cleary
Profits: Glenisk boss Vincent Cleary

Gordon Deegan

Pre-tax profits at the Cleary family-controlled yogurt producer Glenisk increased by 19pc last year to €415,109.

This followed revenues at the Co Offaly-based firm increasing by 7pc to €23.3m from €21.76m.

The firm is led by former RTE 'Secret Millionaire' Vincent Cleary and last year the business produced 120 million yogurt servings.

Last year, sales in Ireland increased by 7.5pc to €22.66m from €21m, though sales in the UK fell back by over €57,000 to €640,896.

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Glenisk commercial director Emma Walls said: "We are pleased with the performance of the business in 2018, with good growth in sales and modest growth in profitability."

Ms Walls said Glenisk reached the number one spot in the yogurt market here this year, according to AC Nielsen.

She said: "We have over 16pc share, overtaking all the multinational operators in the market for the first time. It's a significant shift in a category traditionally dominated by imports."

Highlighting the growth in market share of the brand in recent years, she added: "We were at about 4pc in 2009. Last year, our share reached 15pc and now it's 16.25pc."

Numbers employed have grown to more than 70. The profit last year takes account of non-cash depreciation costs of €415,715.

Staff costs at Glenisk, including directors' pay, last year increased by 16pc from €3.37m to €3.93m.

Nine directors served during the year and directors' pay, including pension contributions, increased from €912,883 to €1.22m.

Shareholder funds stood at €8.47m. That includes accumulated profits of €3.3m.

Irish Independent

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