Glenisk's profit soars as company eyes exports
Organic yogurt maker Glenisk recorded a four-fold increase in pre-tax profits last year.
The family run company, which is led by RTE 'Secret Millionaire' Vincent Cleary, posted a pre-tax profit of €700,337.
In the most successful year to date for the Offaly-based firm, the business increased its profits by 353pc after revenues rose 20pc to €16.94m.
The company was established in 1987 and will produce over 50 million servings of yogurt in 2013.
Mr Cleary said yesterday that Glenisk experienced strong growth during 2012 and now has 12pc of the domestic yogurt market or three times the market share it had five years ago.
"Glenisk continues to be among the fastest-growing brands on the Irish grocery scene," he said.
The firm's workforce increased by one-fifth this year to take the numbers employed to 60, while the business also supports 50 organic farmers across the country who supply the business with cows' and goats' milk.
The figures lodged by Cordagrove with the Companies Office show that 98pc of the revenues were recorded in Ireland, with the remainder in the UK.
"We will see further growth for 2013 in terms of revenue," said Mr Clear. "2013 has witnessed a sharp increase in our cost base, particularly that of our raw ingredients, but we continue to offer best value to our market – leading and growing the number of satisfied customers – factors which are likely to influence our profitability."
On the firm's plans for 2014, Mr Cleary said it would "continue to invest in our facilities, new product development, innovation and marketing to further grow our business in 2014, and develop our export potential further".
Last year, the firm's gross Research & Development (R&D) spend totalled €488,415.
The group's cost of sales last year increased from €8.6m to €10.8m, with its gross profit increasing from €5.4m to €6.1m.
Last year, staff costs at the firm increased from €1.73m to €2.1m, with payments for the firm's seven directors increasing from €426,354 to €467,029.