Lir Chocolates sales to pass €25m in revenue for the first time

Luxury confectioner Lir Chocolates is set to record revenues in excess of €25m for the first time this year as the business continues to expand.

Managing director Stephen Cope yesterday highlighted new accounts showing the firm enjoyed the sweet taste of success in 2014, with pre-tax profits rising sixfold to €677,541.

More than 1,500 tons of premium chocolate are processed each year by the 250 people working at Lir’s plant in Co Meath.

Gross profits climbed 61% to €6.98m. The new accounts are for 2014, while the comparative numbers cover eight months only in 2013.

Mr Cope said Lir had gone through a strong growth in recent years and has now made over €25m in sales in 2015, the first time it has achieved this milestone.

“This has led to considerable investments into the business which operates from a modern high care food facility,” said Mr Cope.

The company sells most its products abroad, to the UK, Europe, and US, and faces stiff competition as chocolate and commodity prices rise worldwide, said Mr Cope.

The business was started by Mary White and Connie Doody, who worked up initial recipes using a food mixer and a bowl, in Christmas 1986.

Ms White resigned from the board in November of last year.

In 2007, the Navan-based company was merged with British confectionery company Kinnerton, a subsidiary of Zetar, a UK publicly quoted food holding group.

Then, in 2012, Zetar was purchased by German based food giant Zertus.

The figures show that Lir was sitting on shareholder funds of €5m, including a cash pile that increased to €1.074m. Last year’s profits take account of combined non-cash depreciation and amortisation costs of €870,427.

The firm’s spend on product development last year increased from €39,119 to €99,073.

It incurred capital expenditure costs of €956,139 in 2014 and a capital spend of €896,103 in 2013.

Numbers employed last year increased from 222 to 237, including 214 people working in production, 13 staff in sales and 10 people in administration.

Staff costs at the firm last year totalled €6.4m. Pay to directors totalled €306,710.