Glenisk aims to expand business
Organic yogurt maker Glenisk aims to expand its business by almost 30 per cent this year, despite a decline in profits in 2011.
Managing director Vincent Cleary yesterday confirmed projected revenues of €18 million in 2012 after new accounts show pretax profits at the Glenisk group declined by 15 per cent from €181,072 to €154,550 in the 12 months to the end of December last.
Profits fell at the Co Offaly-based family owned yogurt maker in spite of increasing revenues by 19 per cent from €11.8 million to €14 million last year.
The accounts lodged by Cordagrove Ltd show that a major factor behind the drop in profits was a 15 per cent increase in administrative expenses from €3.5 million to €4 million.
Mr Cleary said yesterday: “2011 was a strong year for Glenisk, with unit sales up almost 40 per cent year on year and Glenisk’s market share of total yogurt exceeding 10 per cent for the first time.”
The profit last year takes account of non-cash depreciation costs of €728,044.