Four-fold increase in Glenisk pre-tax profits

Organic yoghurt maker Glenisk, led by RTÉ ‘Secret Millionaire’ Vincent Cleary, last year recorded more than a four-fold increase in pre-tax profits to €700,337.

In the most successful year to date for the Co Offaly based and family -run firm, new figures show that the business increased its profits by 353% after revenues increased by 20% from €14.08m to €16.94m.

The company was established in 1987 and will serve over 50 million servings of yoghurt in 2013.

Mr Cleary said yesterday that Glenisk experienced strong growth during 2012 and today has 12% of the domestic yoghurt market — up from 4% in 2008.

He remarked: “Glenisk continues to be amongst the fastest growing brands on the Irish grocery scene.”

As part of the firm’s continuing expansion, its workforce increased by 20% this year to take the numbers employed to 60, while the business also supports 50 organic farmers across the country who supply it with cows’ and goats’ milk.

The figures lodged by Cordagrove Ltd with the Companies Office show that 98% of the revenues were recorded in Ireland, with the remainder in the UK.

Mr Cleary said: “We will see further growth for 2013 in terms of revenue. 2013 has witnessed a sharp increase in our cost base, particularly that of our raw ingredients, but we continue to offer best value to our market... factors which are likely to influence our profitability.”