Business Irish

Wednesday 21 February 2018

Secret Millionaire's company sees profits rise to €570,000

Vincent Cleary pictured with fellow TV personality, former ‘Dragon’s Den’ star Sean Gallagher. Photo: Gerry Mooney
Vincent Cleary pictured with fellow TV personality, former ‘Dragon’s Den’ star Sean Gallagher. Photo: Gerry Mooney

Gordon Deegan

Boosted by the production of over two million servings of yogurt every week, pre-tax profits at Glenisk increased by 16pc to €570,813 last year.

The Co Offaly firm is led by Vincent Cleary, who featured on RTE's 'Secret Millionaire' programme.

Glenisk continued on its growth path last year, increasing sales from €18.78m to €19.69m.

In an interview, Mr Cleary said that the organic yogurt maker had 4pc of the overall yogurt market in 2008 and that has grown to 14pc for the first time this year.

The accounts show that the Cleary family along with minority shareholder Danone have this year shared a €250,000 dividend.

Mr Cleary said: "2014 was a solid year for Glenisk - we saw a rise in revenues and a modest increase in profitability.

"We've experienced some rapid growth in recent years, but the business is now in a good place, with a strong foundation for sustainable growth."

He said: "We anticipate that 2015 will see further revenue growth and similar profit levels maintained."

Mr Cleary said that the numbers employed by the firm have risen to 70 while the business also supports a network of 50 organic farmers around the country who supply 12m litres of milk each year.

"Our focus remains on the Irish marketplace - remarkably, 75pc of the yogurt eaten in this country is imported - we see a real opportunity to improve this ratio in favour of homegrown products."

He said: "UAE is our fastest growing export market; this year, we are now also available in Saudi Arabia, Qatar, Kuwait and Bahrain. Sales in the UK are increasing and we are also developing markets in continental Europe."

The firm's profits last year took account of non-cash depreciation costs of €717,192.

Glenisk produces 60 different products, the most popular of which remains its natural yogurt.

Staff costs totalled €2.66m, while directors' emoluments, including €124,259 in pension contributions, increased marginally to €528,684.

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