Tuesday 21 November 2017

Profit drop takes some of the gloss off jelly-bean maker

Last year, 2,600 tonnes of sweets were produced at the Dublin plant
Last year, 2,600 tonnes of sweets were produced at the Dublin plant

Gordon Deegan

Jellybean firm Cloetta Ireland last year recorded a 43pc drop in pre-tax profits to €2.2m.

That is according to new accounts which show that the company - formerly Aran Candy Ltd - recorded the drop in profits after revenues decreased from €14.68m to €14.32m.

In July of last year, co-founder of Aran Candy Richard Cullen received a €10.12m windfall when he sold his remaining shareholding in the Dublin gourmet sweet firm to Scandinavian firm, Cloetta.

Based in Blanchardstown, the sweet business was established by father and son, Peter and Richard Cullen in 1998.

Last year, 2,600 tonnes of sweets were produced at the Dublin plant - or the equivalent of 14 million jelly beans a day

Cloetta Ireland exports more than 97pc of its production to 60 export markets around the globe, with its main market in the UK.

The firm also exports to the US, Canada, Saudi Arabia, the United Arab Emirates and South Korea.

Numbers employed by the firm at its Dublin facility increased further last year, going up from 81 to 87.

The accounts show that 74 are engaged in production, 11 in administration and two directors.

Total pay to staff, including directors last year, increased from €2.86m to €3.13m.

The amount paid to directors increased going from €422,261 to €452,780.

Accumulated profits at the firm last year increased from €10.7m to €12.7m. The firm's shareholder funds totalled €13.7m while its cash pile increased from €1.1m to €1.6m.

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