Glenisk enjoys healthy profits as revenues increase

Family-controlled yoghurt producer records 19% increase in pretax profits

Glenisk’s  Vincent Cleary: last year the company  produced 120m yoghurt servings

Glenisk’s Vincent Cleary: last year the company produced 120m yoghurt servings

 

Pretax profits at the Cleary family-controlled yoghurt producer Glenisk last year increased by 19 per cent to €415,109. This followed revenues at the Co Offaly-based company increasing by 7 per cent to €23.3 million from €21.76 million.

The company is led by Vincent Cleary, and last year the business produced 120 million yoghurt servings.

Last year sales in Ireland increased 7.5 per cent to €22.66 million from €21 million, though sales in the UK fell back to €640,896 from €697,878.

Emma Walls, commercial director with Glenisk, said on Friday: “We are pleased with the performance of the business in 2018, with good growth in sales and modest growth in profitability.

“Challenges during the year related to significantly increased costs and the ongoing uncertainty created by Brexit.”

Numbers employed by the company have grown to over 70. 

Ms Walls said the company’s natural flavour “remains our most popular flavour, reflecting the trend for both simple ingredients and the versatility of yoghurt as a cooking ingredient”.

She said Glenisk’s vanilla flavour had overtaken strawberry as the flavour of choice amongst Glenisk customers.

The business supports close to 50 family farms to source both organic cows’ milk and goats’ milk. The profit last year takes account of non-cash depreciation costs of €415,715.

Staff costs, including directors’ pay, last year increased 16 per cent from €3.37 million to €3.93 million.

Nine directors served during the year, and directors’ pay last year, including pension contributions, increased from €912,883 to €1.22 million. Shareholder funds stood at €8.47 million that includes accumulated profits of €3.3 million. The company’s cash totalled €3.86 million.