Cork ‘Tic Tac’ maker profits decline 11%

Cork ‘Tic Tac’ maker profits decline 11%

By Gordon Deegan

Pre-tax profits at the Cork-based unit of sweet maker Ferrero last year decreased 11% to €2.44m, as revenues dipped.

Revenues fell slightly to €28.04m in the 12 months to the end of August at Tic Tac maker Ferrero Ireland Ltd.

The figures show that the numbers employed at the company last year fell from 262 to 245, while staff costs fell from €13.25m to €12.5m.

The company had 210 people involved in production and 35 people working in administration, according to the accounts.

Directors’ pay, including pension costs, last year increased from €416,504 to €426,552.

The directors said, however, that the results were in line with the expectations.

Ferrero has produced the global brand of Tic Tac, which is available in over 100 countries, since 1969.

The Cork plant is profitable with the profits of €2.44m in the most recent financial year down from the €2.76m earned in 2016.

The company said some of the risks facing the company include the constant need to devise new flavours, competition within the Ferrero Group, and a requirement to maintain low operating costs.

The directors state that they are confident that the company can meet all these challenges.

R&D costs came to €105,864 last year, down from €165,240 spent in 2016.

The firm’s profits take account of non-cash depreciation costs of €4m.

At the end of August, the company had accumulated profits of €34.7m, shareholder funds of €58.1m, and a cash pile of €179,014, down from €538,006 in the previous year.

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