Teeling Whiskey profits begin to flow

Pre-tax profits at the Teeling Whiskey Company soared by 73%, last year, to €2.95m, as the popularity of Irish whiskey continued to grow.

Newly-filed accounts for the company show that its revenues more than trebled to €24.58m in the year that it opened a €10m distillery and visitor centre in the Liberties area of Dublin.

The company — run by brothers Jack and Stephen Teeling, who are the sons of well-known businessman John Teeling — is at the forefront of the Irish whiskey industry, which is projecting combined annual exports, across all makers, of €410m to double by 2020.

Irish whiskey is the fastest growing premium spirits category in the world and its global market share is set to grow by 300% by 2030 to 12%. By 2025 production is set to rise by 41% from 2010 levels.

According to the directors’ report section of the latest Teeling accounts “throughout 2015, the company has developed its own production plant and visitor centre in central Dublin to coincide with its brand development plan for its premium whiskey brand.”

Management added the distillery is envisaged to act as a home for the Teeling Whiskey brand as well as to provide pot still manufacturing to ensure consistent supply of Irish whiskey for its brands. Distillation commenced in March 2015 and management said they are “satisfied with the production to date”.

The Teeling whiskey business recorded a post-tax profit last year of €2.72m after corporation tax of €226,671 was paid. Numbers employed by the company last year increased from 15 to 24 with staff costs increasing from €709,241 to €1m.

Directors’ remuneration last year increased from €155,000 to €235,000. That included €25,000 in pension contributions. The directors include company managing director Jack Teeling and Stephen and Katharine Teeling.

Shareholder funds stood at €5.9m while the firm’s cash totalled €335,592.

The accounts disclose the company had an outstanding loan of €3.3m at year end from Jack Teeling - up from €3.04m at the start of the year. A note confirms that the company also owed €366,095 to Stephen Teeling at the end of last year.

Jack and Stephen Teeling each hold 17% of the Louth-based Great Northern Distillery (GND) Ltd.

In May 2015, the company sold bulk whiskey to GND for €13.3m to facilitate the repayment of debt and throughout the year, Teeling Whiskey purchased €1m in bulk whiskey from GND.

In 2011, John Teeling sold the world’s oldest distillery, Cooley to American bourbon whiskey giant, Beam for €73m.