Profit drop takes some of the gloss off jelly-bean maker

Irish Independent - Business Week - - BUSINESSWEEK - Gor­don Dee­gan

JELLYBEAN firm Cloetta Ire­land last year recorded a 43pc drop in pre-tax prof­its to €2.2m.

That is ac­cord­ing to new ac­counts which show that the com­pany – for­merly Aran Candy Ltd – recorded the drop in prof­its af­ter rev­enues de­creased from €14.68m to €14.32m.

In July of last year, co-founder of Aran Candy Richard Cullen re­ceived a €10.12m wind­fall when he sold his re­main­ing share­hold­ing in the Dublin gourmet sweet firm to Scandinavian firm, Cloetta.

Based in Blan­chard­stown, the sweet busi­ness was es­tab­lished by fa­ther and son, Peter and Richard Cullen in 1998.

Last year, 2,600 tonnes of sweets were pro­duced at the Dublin plant – or the equiv­a­lent of 14 mil­lion jelly beans a day

Cloetta Ire­land ex­ports more than 97pc of its pro­duc­tion to 60 ex­port mar­kets around the globe, with its main market in the UK.

The firm also ex­ports to the US, Canada, Saudi Ara­bia, the United Arab Emi­rates and South Korea.

Num­bers em­ployed by the firm at its Dublin fa­cil­ity in­creased fur­ther last year, go­ing up from 81 to 87.

The ac­counts show that 74 are en­gaged in pro­duc­tion, 11 in ad­min­is­tra­tion and two di­rec­tors.

To­tal pay to staff, in­clud­ing di­rec­tors last year, in­creased from €2.86m to €3.13m.

The amount paid to di­rec­tors in­creased go­ing from €422,261 to €452,780.

Ac­cu­mu­lated prof­its at the firm last year in­creased from €10.7m to €12.7m. The firm’s share­holder funds to­talled €13.7m while its cash pile in­creased from €1.1m to €1.6m.

Last year, 2,600 tonnes of sweets were pro­duced at the Dublin plant

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