Revenues up, profit down for choc firm
Pre-tax profits at one of the country's leading chocolate manufacturers, Lily O'Brien's, last year declined by 36pc to €2.1m.
The Co Kildare-based company incurred the drop in pre-tax profits as revenues increased by 8pc from €29.66m to €32.15m.
A €40m deal to purchase the company by Polish food company Colian Holdings was completed early last year.
According to the directors' report for Lily O'Brien's Holdings "the business continued to achieve success in core markets" last year.
Please log in or register with Independent.ie for free access to this article.
The directors said that "for 2019, the focus is on continued development of sales which will deliver long-term sustainable profitable growth".
Higher costs last year resulted in the company's operating profits reducing by 28pc from €4.05m to €2.9m.
Non-cash write-offs in investments totalling €493,876 and interest payments of €298,745 resulted in a pre-tax profit of €2.11m. The company recorded a post-tax profit of €1.75m after paying €354,995 in corporation tax.
The profits last year take account of combined non-cash depreciation and amortisation costs of €1m. Numbers employed last year reduced from 127 to 123 as staff costs declined marginally from €4.92m to €4.85m.
Directors' pay, including pension payments, reduced from €405,514 to €375,256.