Profits at Mars Ireland soar to nearly €10m
Increased profits of 23% come despite a 6% fall in revenues to €135.4m
Profit at Mars Ireland, whose brands included Galaxy, M&Ms, Snickers, Twix, Skittles and Starburst, increased by 23%. Photograph: Alan Betson
Pre-tax profits at the main Irish unit of food giant Mars last year increased by 23 per cent to €9.7 million.
According to accounts recently returned to the Companies Office, they show that Mars Food Ireland Ltd recorded the increase in profits in spite of revenues falling by 6 per cent from €144.1 million to €135.4 million in the 12 months to the end of December.
“Trading conditions in Ireland remain extremely challenging and the pressure on consumers’ disposable incomes has increased. Consequently, Mars Food Ireland has not reported sales growth in 2012, ” the company said.
Value for money
“Despite this, a focus on value for money offering has ensured that strong market shares have been maintained.
“Furthermore, financial delivery improved in 2012. This has been driven by distribution efficiencies, ongoing focus on streamlining our operations and maximising a return on our investments.
“Although having strong control over our financial position, this has not offset the pension development, which is adversely impacting our net financial equity.”
Some of the firm’s brands include Dolmio, Uncle Bens, Pedigree, Whiskas, Mars, Galaxy, M&Ms, Snickers, Twix, Skittles and Starburst.
The figures – contained in accounts filed in the companies office – show that the firm paid a dividend of €10.1 million to its parent in 2012 while the firm made an actuarial loss of €15.9 million on its pension scheme.
Emoluments for the six directors who served during the year decreased from €744,000 to €691,000.
The numbers employed during the year increased from 120 to 123 with staff costs increasing by 6 per cent from €10.4 million to €11 million.
On the firm’s future developments, the directors state that they “expect that innovation combined with further collaboration with our key trading partners will drive category growth in 2013”.
The directors add that a strong focus on developing our brands and managing our cost base remain critical to the delivery of financial shape improvements.