Glenisk, the Co Offaly-based organic dairy foods manufacturer, saw its profits more than halve in 2017.

Accounts filed with the companies office (CRO) show that Glenisk reported pre-tax profits of just under €348,000 for its 2017 financial year, which was down 54% compared to the previous year.

Sales for the year were relatively flat at just under €21.8m.

Sales to Irish customers accounted for 97% of the group’s business in 2017, with just 3% of sales into the UK market.

The UK had accounted for more than €1m of Glenisk sales in 2016.

Operating profits in Glenisk more than halved (-53%) below €357,000, as operating profit margins narrowed from 3.5% in 2016 to a slender 1.6% for 2017.

Employing 63 people at its processing facility just outside Tullamore, Glenisk had net assets of €8.1m at year end 2017.

Glenisk is majority controlled by the Cleary family, who hold a 63% stake in the business.

The remaining 37% of the company is owned by Stoneyfield Europe, a subsidiary of French dairy giant Danone.