Cork-based Tic-Tac maker sees profits jump 35%

Pre-tax profits at the Cork-based manufacturing subsidiary of global confectionery giant, Ferrero jumped 35%, to €2.76m, last year.

Ferrero Ireland makes roughly half of the global supply of the famous Tic-Tac sweets at its Cork plant.

Revenues at the company increased by 13% to €55.5m in the 12 months to the end of last August.

Numbers employed by the firm last year increased by one to 238, with staff costs totalling €12m.

In Ferrero Ireland’s latest accounts, the company’s directors said that results were in line with expectations.

“There are a number of challenges facing the company in the medium term, which include the introduction of new flavours, competition within the Ferrero Group along with maintaining low operating costs,” the directors said.

They added they are confident the company can meet all these challenges and overcome them by growing and developing existing and new innovative processes, through the company’s ongoing and extensive commitment to broad continuous improvement projects and R&D programmes.

Ferrero Ireland reduced its R&D spend last year from €115,853 to €105,594.

The Irish subsidiary has not paid a dividend to its parent in the past two years and its directors have undertaken a review of operations.

On the company’s future the directors stated the firm envisages continued demand for its products.

The firm’s operating profit increased by 35% to €2.77m last year.