Monday 23 September 2019

Cully & Sully firm's €3.7m dividend

Cully and Sully soup
Cully and Sully soup
John Mulligan

John Mulligan

The Irish arm of Hain Celestial, the US firm that paid up to €15m in 2012 to buy the Cully & Sully brand, handed over a €3.7m dividend to its parent last year, according to accounts filed for the business.

Hain Celestial Ireland sells Cully & Sully meals and soups, Hartley's jam and other brands such as Linda McCartney and Cadbury spreads. It had not paid a dividend to its parent in the 2016 financial year.

The Irish unit made a €2.5m profit in the 12 months to the end of last June, compared to €3.1m in the previous financial year. Its revenue slipped very slightly, to just over €23m.

The near 20pc profit decline at the business in the last financial year followed a 17pc decline in profits the previous year.

Hain Celestial Ireland also has some own-brand contracts, and sells products such as SunPat peanut butter, non-dairy rice milk and ice cream.

The accounts for the division show that it had accumulated profits of almost €9.5m at the end of last June.

Hain Celestial is listed on the Nasdaq in New York and has a $2.9bn (€2.45bn) market capitalisation.

Its acquisition of Cully & Sully came eight years after the company was set up by Cullen Allen, a nephew of Ballymaloe's Darina Allen, and Colum O'Sullivan. The pair remain directors of Hain Celestial Ireland.

Hain Celestial paid an initial €10.5m for Cully & Sully, and there was a contingent consideration of up to €4.5m that would be paid if certain milestones were achieved.

Reporting third-quarter results last week, Hain Celestial said its net income rose 23pc to $25.2m (€21.2m).

Irish Independent

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