Offaly's Glenisk growth continues with 16% rise in profits

Boosted by the production of over 2m servings of yoghurt every week, pre-tax profits at Glenisk last year increased by 16% to €570,813.

The Offaly company is led by Vincent Cleary, a former participant in the Secret Millionaire television programme.

It continued on its growth path last year by increasing sales 5% to €19.69m.

In an interview, Mr Cleary said that the organic yoghurt maker had 4% of the overall yoghurt market in 2008 and that has grown to 14% for the first time this year.

The accounts show that the Cleary family along with minority shareholder, Danone has this year shared a €250,000 dividend.

Mr Cleary said: “2014 was a solid year for Glenisk. We saw a rise in revenues and a modest increase in profitability. We’ve experienced some rapid growth in recent years, but the business is now in a good place, with a strong foundation for sustainable growth.

“We anticipate that 2015 will see further revenue growth and similar profit levels maintained.”

Numbers employed by the firm have risen to 70 while the business also supports a network of 50 organic farmers who supply 12m litres of milk each year.

According to Mr Cleary: “Our focus remains on the Irish marketplace.

"Remarkably, 75% of the yoghurt eaten in this country is imported. We see a real opportunity to improve this ratio in favour of homegrown products.

"The UAE is our fastest growing export market; this year, we are now also available in Saudi Arabia, Qatar, Kuwait, and Bahrain. Sales in the UK are increasing and we are also developing markets in continental Europe.”

The largest proportion of the firm’s growth took place in Ireland last year where sales rose over €820,000 to €17.7m.

Sales grew at a slower rate in the UK to €1.83m and totalled €133,912 in the rest of the world.

The firm’s profits last year took account of non-cash depreciation costs of €717,192. Glenisk produces 60 products, the most popular of which remains its natural yoghurt.

Earlier this year, the firm launched a new range of authentically strained Greek style high-protein yoghurt with €1m in marketing support.

Within six weeks of launch, Glenisk become the number one player in the protein yogurt area with over 50% of that market.