Glenisk profits rise 43% to €817,000 in 2015

Cordagrove Ltd, the parent company of Offaly-based organic dairy producer Glenisk, has reported a 43% increase in pre-tax profits to €817,300 for its 2015 financial year.

The company reported a 38% increase in operating profits to €835,000 as operating margins widened 100 basis points to 4.1%.

Turnover for the group rose 4% in the year to €20.5m. Glenisk derives 95% of its sales from the Irish market, with the remaining 5% of sales, or €1m, coming from the UK.

Sales to the UK market were actually down for 2015 compared with sales of €1.8m the previous year.

Cordagrove Ltd 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.

The company paid a dividend of €250,000 during the year. Glenisk buys 90% of all organic milk produced in Ireland from about 50 suppliers.

Glenisk is above 60c/l for the five winter months and around 35c/l for the remainder of the year.