Tullamore Dew returns to profit on revenue rise

The makers of the Tullamore Dew Irish whiskey brand last year returned to profit after a surge in revenues.

Accounts filed by William Grant & Sons Irish Manufacturing Ltd show that the company recorded a pretax profit of €320,000, driven by revenues increasing 17 per cent f to €43.2million.

The company recorded the pre-tax profit a pre-tax loss of €698,000 in 2017.

However, a corporation tax bill of €2.52 million resulted in a post tax loss of €2.2 million.

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The tax bill arose from €2 million in adjustments in respect of previous periods and a €472,000 charge as a result of “origination and reversal of timing differences”.

A note states that the adjustments relate to temporary timing differences arising from capital allowances.

Tullamore Dew’s domestic sales rose 43 per cent ito 13,800 cases against a background of domestic sales of Irish whiskey rising by 5.4 per cent last year from 551,900 nine-litre cases.

According to the directors’ report “production volumes at Tullamore were higher than in the prior year, in part due to the first full year of grain production”.

Scottish drinks group, William Grant acquired Tullamore Dew, along with three other spirits, from Irish drinks group C&C in 2010 for €300 million.

On the outlook for its product, the directors said that “economic and market conditions are improving and the drivers of the premium spirits market are in alignment, demographic trends are positive, emerging economies continue to fuel the growth of middle classes who in turn seek out premium Irish whiskies”.

Staff costs last year increased from €3.86 million to €3.95 million as numbers employed increased from 64 to 70.

The profit last year takes account of non-cash depreciation costs of €7.1 million which was a sharp increase on the €4.2 million depreciation charge for 2017.