Saturday 19 January 2019

Cloetta hit by 21pc fall in pre-tax profits to €1.74m

Sweet success: Cloetta produces around 14 million jelly beans a day. Stock image
Sweet success: Cloetta produces around 14 million jelly beans a day. Stock image

Gordon Deegan

JELLYBEAN firm Cloetta Ireland last year recorded a 21.5pc drop in pre-tax profits to €1.74m.

That is according to new accounts which show that the company - formerly Aran Candy Ltd - recorded the drop in profits after revenues decreased by 8pc from €14.32m to €13.15m.

In July 2016, co-founder of Aran Candy Richard Cullen received a €10.12m windfall when selling his remaining shareholding in the Dublin gourmet sweet firm to Scandinavian firm Cloetta.

Based in Blanchardstown, the sweet business was established by father and son Peter and Richard Cullen in 1998.

Numbers employed at the firm last year decreased from 87 to 84.

Each year, around 2,600 tonnes of sweets are produced at the Dublin plant - or the equivalent of 14 million jelly beans a day.

The firm exports around 97pc of its production to 60 export markets around the globe, with its main market being the UK.

The firm also exports to the US, Canada, Saudi Arabia, the United Arab Emirates and South Korea.

The company recorded a post-tax profit of €1.6m after paying corporation tax of €139,572.

Staff costs last year increased from €3.1m to €3.2m with a breakdown of the numbers employed showing that 62 are in production, 18 in administration and two directors.

The amount paid to directors decreased sharply from €452,780 to €96,821.

Accumulated profits increased from €12.76m to €14.3m. Shareholder funds totalled €15.3m.

Irish Independent

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