Glenisk hit with 'heavy losses' due to fire at plant

business
Glenisk Hit With 'Heavy Losses' Due To Fire At Plant Glenisk Hit With 'Heavy Losses' Due To Fire At Plant
Glenisk’s organic yoghurt factory in Killeigh, near Tullamore after a fire broke out last September. Photo: PA Images
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Gordon Deegan

Organic yoghurt producer, Glenisk incurred "very heavy losses” for 2021 due to the fire that destroyed the firm’s production plant last September.

Emma Walls, Glenisk commercial director said the business was last year on course to top record 2020 sales before the September 27th fire.

New accounts show Glenisk enjoyed its best ever year in business during the pandemic-hit 2020.

The Co Offaly firm, owned by the Cleary family, reported pre-tax profits of €1.92 million, up 45 per cent. Revenues rose by 15 per cent to €27.8 million in the 12 months to the end of December 2020.

Ms Walls said: “2020 was a record year for Glenisk. We experienced exceptional growth in sales of organic yoghurts, with sharp increases evident from early March as the first COVID-19 lockdown began.

“The closure of restaurants and food service had an immediate effect on grocery sales.”

Revenues

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Ireland revenues totalled €26.73 million while Europe revenues amounted to €1.07 million.

During the four month-plus period of non-production, Ms Walls said: “There have been no lay-offs at Glenisk and staff have been paid throughout the period. Farmers have also been paid.”

Production re-commenced at Glenisk’s interim factory earlier this month and Ms Walls said Glenisk is currently at design stage for a new carbon neutral yoghurt factory with additional capacity “to help Glenisk realise our ambitions for growth domestically and in export markets”.

Ms Walls said if all goes to plan the new plant “could be up and running in the next 12-15 months, but we accept it may take longer”.

The business today employs 90 and staff costs in 2020 totalled €5.17 million. Eight directors served during the year and directors’ pay totalled €1.63 million.

The 2020 profit takes account of non-cash depreciation costs of €833,839.

At the end of December 2020, shareholder funds totalled €11.29 million including accumulated profits of €6.2 million. The business’s cash funds totalled €5.6 million.

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