Covid-19 boost contributes to record sales at Glenisk

By Gordon Deegan

Organic yogurt sales at Glenisk this year increased by 50% during the first ‘lockdown’ as the family-controlled yogurt producer enjoyed a Covid-19 business boost.

The bumper sales at the Cleary family-controlled brand’s organic yogurt range have put the company on course for a record sales year in 2020.

Last year was also a record year where Glenisk saw its sales increase by 15% from €20.89 million to €24.1 million; that was due in part to the development of new products.

Commercial director with Offaly-based Glenisk Emma Walls stated today: “We expect revenues to be up again this year and outperform 2019.

We’ve seen very significant growth during 2020. Our organic yogurt sales increased by 50% during the first lockdown versus the same period last year.

Walls stated that the company – led by former RTÉ ‘Secret Millionaire’ Vincent Cleary – benefited from more people eating at home during the first lockdown.

She added: “We are certainly seeing a lift for the second lockdown but have yet to quantify that.”

Changing lifestyles

Walls added: “All of the data is telling us that customers are taking additional health measures this year and see yogurt as offering benefits in terms of nutrition, immunity and gut health.”

The commercial director was commenting on new accounts which show that pre-tax profits at Glenisk increased more than threefold to €1.33 million last year.

The company supports 50 family farms across the country to source both organic cows’ milk and goats’ milk and has recruited an additional 10 organic farmers this year.

Numbers employed by the company have now grown to 85 and Walls stated: “Glenisk retained the number one spot in the yogurt market in Ireland this year according to AC Nielsen. This is our second year at number one. We have a 19% share of the market.”

Popular flavours add to profits

The brand last year served 130 million servings and Walls stated: “Natural remains our most popular flavour, reflecting the trend for both simple ingredients and the versatility of yogurt as a cooking ingredient.

“Dark cherry, a recent addition, has proved to be a dark horse, outperforming expectations,” she said.

The profit last year takes account of non-cash depreciation costs of €616,435. The company’s staff costs last year increased from €3.9 million to €4.5 million.

Nine directors served on the board during the year and directors’ pay last year declined marginally to €1.491 million.

Shareholder funds at the end of last year totalled €9.62 million as accumulated profits amounted to €4.5 million. The company’s cash funds increased from €3.86 million to €5.16 million.