Pre-tax profits at the Cork-based producer of Ferrero Rocher chocolates last year declined by 38.7 per cent to €2.4 million in spite of revenues increasing. According to accounts recently filed by Ferrero Ireland Ltd, revenues increased at the firm from €42.4 million to €43.2 million in the 12 months to the end of August 2011.

The directors state the company’s profits at the end of August last year “were ahead of target”. They state: “This was a combination of improved efficiencies and purchased material costs being lower than budgeted.

“In 2011-2012, the profit for the financial year exceeded expectation, confirming the stability and good performance of the company.”

The filings show the company’s pre-tax profits were hit by a €1.2 million loss from the sale of a tangible fixed asset. The figures show that the company employs 228 at its Cork base – up nine on the 219 employed in 2010. The main confectionery product the company produces at its Cork plant is the Tic Tac sweet.