Monday 22 January 2018

Sweet year for Haribo as Irish profits rise by 53pc

Haribo: boosted by bumper sales of Starmix sweets
Haribo: boosted by bumper sales of Starmix sweets

Gordon Deegan

The Irish arm of sweet firm Haribo saw pre-tax profits rise by 53pc to €1.36m last year.

New figures lodged with the Companies Office by Haribo Ireland last year increased from €819,810 to €1.36m.

According to the directors' report, "the company increased its turnover by 14.8pc compared with the prior year.

The directors said that "the gross profit margin has also increased from 21pc in 2013 to 24pc in the current year. This is as a result of a change in the mix of promotional activity and a new trade energy channel."

The main activity of the German-owned firm continues to be the sale and distribution of branded sugar confectionery under the Haribo and Maoambrands with the company's key products being gums, jellies and soft fruit chews. The directors did not recommend a dividend after paying out a dividend of €1.8m in 2013.

The directors' report said there are no significant risks or uncertainties facing the company at this stage given the strength of the brand in the market.

Boosted by bumper sales of the firm's Starmix sweets, the figures show that the firm's gross profit last year jumped by 30pc, rising from €2m to €2.6m.

The firm's distribution costs increased marginally from €270,129 to €378,003 with administrative expenses going from €786,810 to €915,280.

The accounts show that after paying corporation tax of €174,013, the firm enjoyed post-tax profits of €1.19m. At the end of December last, the firm had shareholder funds of €5m. The firm's cash pile during year jumped from €2.68m to €3.5m. The profit takes account of non-cash depreciation costs of €25,332.

The firm's Irish parent, Dunhills Confectionery Production, Ltd had shareholder funds at the end of December of €4.67m that included accumulated profits of €106,169.

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