Flahavan’s, the family-owned business best known for its porridge oats, saw its profits almost halve for its 2019 financial year. Recently filed accounts show Flahavan’s reported operating profits of €758,807 for the 12 months to the end of June 2019, which is down 46% on the previous year.

Operating profit margins halved from 6.1% in 2018 to just 3.2% last year. Pre-tax profits for the year stood at €745,000, which is down 45% year on year.

Despite the fall in profits, Flahavan’s saw its sales grow by 5% in 2019 to just over €24m. The Waterford-based company, which employs almost 90 people, sources more than 15,000t of oats every year from 50 local growers.

Founded in 1785, Flahavan’s is a seventh-generation family business. While best-known for its porridge range, Flahavan’s have invested in on-the-go products in recent years such as flapjacks and granola cereals.

Flahavan’s has over a 50% share of the €30m hot oats cereal market and over 60% of the sector’s convenience segment.