Revenues at Irish organic yoghurt producer Glenisk last year increased by 27% to €14m as the business recorded an increase in pre-tax profit.
The Co Offaly firm is run by five members of the Cleary family. Director Gerard Cleary said yesterday that Glenisk accounts for 90% of the organic yoghurt market in Ireland.
Accounts filed with the Companies Office show the firm recorded a modest profit of €1,185 in 2010 after recording a pre-tax loss of €129,560 in 2009.
The 2010 profit takes account of non-cash depreciation costs of €722,886 and R&D costs of €457,048.
Mr Cleary confirmed that the firm — which today employs 50 people — recorded revenues of €11m in 2010, climbing 27% to €14m last year.
Accounts for 2011 have to be filed and Mr Cleary said: “Significantly, our share of the overall yoghurt market has more than doubled. In 2008, we had a 4.5% share; currently we have 11% of the yoghurt market, so we are far from the niche brand we once were.”
He said that for the first-quarter of this year, sales are up 25% on the same period last year.
The company was established in 1987 and today sells 110,000 servings of yoghurt every day — or 40m servings per year — Glenisk’s best-selling yoghurt is its low-fat natural yoghurt.
“While profits for 2011 were up on the previous year, we are fortunately in a growth phase, as evidenced by the increase in turnover and more than doubling of our market share,” Mr Cleary said.
“We are here for the long run, so we will continue to plough whatever resources that we make into our business to develop brand awareness, to continually improve product quality, and deliver new organic products.”
At its Offaly plant — which is part-powered by an on-site wind-turbine — the company processes 8m litres annually and procures 90% of the organic milk made in Ireland for its products.
Today, Glenisk exports about 15% of its products to Britain, Spain, and Portugal.
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