Saturday 7 December 2019

Not so sweet - profits drop sharply at Dublin's Jelly Bean Factory

The Jelly Bean Factory was established by father and son Peter and Richard Cullen in 1998. Stock image
The Jelly Bean Factory was established by father and son Peter and Richard Cullen in 1998. Stock image

Gordon Deegan

The Jelly Bean Factory firm, Cloetta Ireland last year saw its pre-tax profits drop by more than half to €820,962.

New accounts show that the company - formerly Aran Candy Ltd - recorded the drop in profits after revenues decreased by 6.5pc to €12.29m.

In July 2016, the 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 Jelly Bean Factory was established by father and son Peter and Richard Cullen in 1998.

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Last year, under the ownership of Cloetta, the Dublin plant produced 2,417 tonnes of sweets - with millions of jelly beans made every day.

The directors' report said that exports account for 97pc of the company's sales.

At the plant, 60 employees work on one production line and 10 packaging lines.

The company's operating profits last year reduced by 66pc to €579,946.

However, interest receivable of €131,016 and €110,000 from a 'grant claim' resulted in a pre-tax profit of €820,962. The firm's profit last year takes account of non-cash depreciation costs of €278,093 while lease costs for land and buildings last year increased by almost €132,000 to €665,964.

At the end of last year, Cloetta Ireland Ltd had shareholder funds of €16.14m that included accumulated profits of €15.1m. The company's cash increased to €1.78m from €874,957. Cloetta recorded a post-tax profit of €803,892, having paid tax of €17,070 on the pre-tax profit.

Cloetta say Jelly Bean Factory's products contain only natural ingredients.

Artificial colours and flavour agents have been replaced by natural fruit and plant extracts. The treats are free of gluten, nuts and gelatine while being kosher certified and halal compliant.

Irish Independent

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