Organic yoghurt maker, Glenisk last year recorded a pretax loss of €1.38 million as it continued to count the cost of the “devastating” fire that destroyed the company’s main production plant in 2021.
Consolidated accounts filed by the Co Offaly based Cordagrove Ltd show that the Glenisk business recorded the loss despite revenues increasing by 49 per cent from €11.67 million to €17.4 million.
However, the 2023 revenues were still someway off the pre-fire record Glenisk revenues of €27.8m in 2020.
Commenting on the accounts, owner and managing director of Glenisk, Vincent Cleary, said that 2023′s performance was “in part, the ongoing cost of returning to the market” following what he described as the “devastating” fire at the end of September 2021.
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The €1.38 million pretax loss for 2023 followed a pretax profit of €5.14 million for 2022 but the 2022 profit was skewed by €10.8 million in “other operating income” that was mainly made up of an insurance payout for the fire.
The company last year benefited from “insurance related” other operating income of €1.87 million.
Asked to comment on the factors behind the 2023 loss, Mr Cleary said: “Ever since the fire, Glenisk made a commitment to its full complement of staff and milk suppliers that none would be let go, this came at a cost that Glenisk was happy to bear.”
“However, additional headwinds were experienced with post-Covid and geopolitical related super-inflationary events that Glenisk, and all others, had to contend with,” he said.
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