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Cully & Sully firm's profits jump to €3.8m

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Tasty profits: Cully & Sully was bought by Hain Celestial

Tasty profits: Cully & Sully was bought by Hain Celestial

Tasty profits: Cully & Sully was bought by Hain Celestial

PROFITS at the Irish arm of US food group Hain Celestial - which bought the Cully & Sully business in 2012 for up to €15m - soared to €3.8m in its last financial year from €2.6m a year earlier, newly-filed accounts for the business show.

The accounts also show that turnover at the Irish unit hit just under €28m in the 12 months to the end of last June, compared to €17m a year earlier. Its cost of sales rose from €17m to €20.2m.

The Irish firm paid a €3.7m dividend to its US parent last year, compared to €3.4m the previous year.

The company markets and sells a variety of readymade meals, soups and other products under the Cully & Sully brand in Ireland, the UK and the rest of the European Union.

It also sells Hartley's jams and jelly, as well as brands such as SunPat peanut butter, Cadbury spreads, and Linda McCartney frozen meals.

New York-based Hain Celestial is listed on the Nasdaq, with a $2.1bn (€1.9bn) market capitalisation.

Last year it generated net sales of almost $2.5bn, and operating income of $106m.

Hain Celestial's 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.

Irish Independent