Profits at firm behind Cully & Sully fall 17% to €3.18m as costs rise

Profits at the company behind the Cully & Sully foods business fell 17 per cent in its last financial year to €3.18 million as costs rose, the latest figures show.

Hain Celestial Ireland, the local arm of the US multinational that bought Cully & Sully in 2012 for more than €10 million, grew sales by 3 per cent to €23.26 million in the 12 months to June 30th, 2016.

Accounts just lodged for the company show that profit before tax fell 17 per cent to €3.18 million from €3.85 million over the same period, which is the company’s financial year.

The cost of sales, administration and distribution rose to €20 million during the 12 months from €18.6 million in Hain Celestial Ireland’s previous financial year.

Glenilen Farm signs €500,000 yoghurt deal with Sainsbury’s

---

Total Produce raises guidance in trading update

---

Britvic seeks level playing field on new sugar tax

---

Dawn and Dunbia announce UK joint venture ahead of Brexit

---

Net assets rose to €11 million on June 30th last from €8 million a year earlier, aided by a fall in liabilities to €2.5 million from €4 million, while its cash grew to €4.8 million from €2 million.

The returns show that the company employed seven people during the year, and paid them €548,00 in wages, welfare and pension.

Ballymaloe

Hain Celestial bought Cully & Sully, which makes and sells chilled soups, for more than €10 million in 2012. Colum O'Sullivan and Cullen Allen, whose family run the Ballymaloe foods business, founded the company.

New York-based and listed Hain Celestial is a multinational that owns a range of food businesses around the world. Its other brands include Linda McCartney’s vegetarian food and the Dream range of dairy-free products.

Its last financial reports shows that it had sales of $750 million (€670 million) and operating profits of $69 million in the three months ended December 31st. Its Irish division paid no dividend to its owner in 2016.