Revenues at the 'foodie empire' Happy Pear, led by Greystones twins David and Stephen Flynn, last year increased by 22 per cent to €9.96 million.
New accounts filed by the twins' Flynn & Flynn Global Trade Ltd show that expansion costs last year resulted in post-tax losses at the company last year increasing by 16 per cent to €672,970.
Finance director with the Happy Pear, Paul Murphy said: "We would expect 2019 revenues to be broadly consistent with 2018. We have made strong improvements in profitability in 2019 and expect to be earnings positive for the year.
“The company embarked on a number of large scale projects in 2018, which continued in 2019, with lasting positive impact to the company’s profitability, growth and environmental credentials.”
Mr Murphy said that last year the company delivered growth of 37 per cent on top-line sales year-on-year in its business in the Republic, driven “predominantly by the successful launch of new products through both Musgrave and Independent stores channels”. He said the company also more than doubled sales within its online courses channel.
"Our 2018 losses were principally driven through investment in growth of the business and losses occurring in our export business in the UK with Waitrose, " he said.
Outlets
The business this year opened its first outlet at Dublin Airport in partnership with international food service operator HMSHost. The Happy Pear has three other outlets – two in Greystones, Co Wicklow and one in Clondalkin, Co Dublin.
Mr Murphy said: “Our current focus is in respect of improving our existing sites and to continue to grow through our partners HMSHost and Compass Group Ireland.”
The business employs 121 people. It also operates a Happy Pear-branded food manufacturing and distribution business and a successful services business, centred around the provision of corporate health and wellness talks and events. It has also released three best-selling cookbooks, and has more than one million followers on social media.
Five directors served last year and shared €336,994 in pay. At the end of last year, the company had a shareholders’ funds of €230,607. Its cash pile reduced from €254,510 to €181,236, while it owed the directors a total of €114,578 in loans.
