Crunch time as Keogh's eyes luxury sector
Keogh's Crisps is aiming to be "the go-to luxury brand for crisps" as the Dublin firm seeks to expand its international foothold.
Managing director Tom Keogh was commenting on abridged accounts for Keogh's Crisps, which show that the firm's accumulated profits passed €1m in 2015.
This followed the crisp maker's accumulated profits increasing from €655,479 to €1.037m in 2015.
The €381,479 profits in 2015 represented an 80pc increase on profits of €212,027 in 2014.
The family-owned firm, which employs 35, has made inroads into the luxury crisp market in the United Arab Emirates (UAE), China, Germany, the UK and the US, exporting to 14 countries in total. The firm has enjoyed its greatest overseas growth in its UAE market followed by China.
At the end of December 2015, the firm had a cash pile of €736,465 and Keogh said that the company is keen to invest all profits back into the firm's expansion. "We know we are an absolute minnow in the international market and we are up against firms who are very large and who have very deep pockets," said Keogh.
"We have very ambitious growth plans for the company," he added.
"So far, 2017 has been a very, very good year for the company and we continue to enjoy great support from the Irish public," said Keogh, who said that 85pc of sales take place in Ireland with the remaining 15pc overseas.
The next number of months will be crucial for the firm's growth strategy as it unveils a new range of crisps with new flavours this summer. The company was established in 2011 and its crisps are made from potatoes harvested from Keogh's 400-acre farm in north Co Dublin.
Profits for the firm in 2016 were not as high due an investment programme at the company that saw it expand its production facility in order to keep with increased demand for the company's products.
Staff costs during the year increased from €731,615 to €921,300.
Sunday Indo Business