Organic yoghurt-maker Glenisk said it would “show a return to profitability”in 2025 as the company said it was halfway through a €20 million investment in a new production plant.
Managing director Vincent Cleary said that Glenisk “expects to have a more efficient factory with enhanced capacity”.
The company continued to recover from the “devastating” fire that destroyed the firm’s production plant in 2021.
Its latest consolidated accounts show that the business recorded pretax losses of €865,121 in 2024.
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Accounts filed for its parent company, Co Offaly-based Cordagrove Ltd, show that its pretax losses reduced by 37.5 per cent to €865,121 in 2024. In 2023 its pretax losses were €1.38 million. Revenues increased by 18 per cent from €17.4 million to €20.5 million.
Cleary said that revenues increased at the same pace again in 2025.
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On the 2024 performance, Cleary said that “having lost all in 2021 through a devastating fire, a number of rebuilding years for both business and brand ensued and 2024 is seen as the last of the fire-related years for Glenisk as sales, although short of pre-catastrophe era, continued to rebound”.
The accounts show that directors, Gerald Cleary and Mark Cleary departed from the board in 2024.
Aggregate pay of €1.62 million to all directors in 2024 included €175,675 under the heading of compensation for loss of office.
The accounts also disclose in a post balance sheet event that the group acquired land at a cost of €659,604 from Gerard Cleary and Mark Cleary.
Commenting on the land purchase, Cleary said: “Glenisk purchased historical family lands from departing family members and plans are that these may be used to help offset carbon emissions through a combination of forestry and electricity generation, in coming years.”
Separately during 2024, Vincent Cleary transferred land to the company valued at €100,000 and at year end Mr Cleary had not been paid for the land.
The company is 100 per cent owned by the Cleary family after the company redeemed Danone’s 38 per cent shareholding by mutual consent in 2023.
Gerard and Mark Cleary were replaced on the board by Brian Cleary and Evelyn Cleary.
Numbers employed reduced from 72 to 67 in 2024 as staff costs declined from €5.17 million to €4.48 million.
Mr Cleary said that employment levels are now just shy of pre-fire levels “and Glenisk expect to surpass those employment levels during the course of 2026”.
The loss for 2024 takes account of non-cash depreciation costs of €626,968 and interest costs of €132,642.
