Profits doubled at West Cork-based yogurt maker Glenilen Farm to €930,826 last year in a record year for the business.
New accounts show that post tax profits at Glenilen Farm Ltd increased by 98.5% from €468,974 in 2023 to €930,826 last year as revenues increased by 10% to a record €12m.
It is now 25 year since Alan and Valerie Kingston commenced trading at Skibbereen Farmers’ Market and today their Glenilen Farm business – located in Drimoleague, West Cork – employs 80 and also supports the incomes of a number of nearby dairy farmers who provide the milk for the production of 20 million yogurt units each year.
At the end of December last, the firm had accumulated profits of €3.17m.
Commenting on the 2024 performance, co-founder, Alan Kingston said today that “it has been a very successful year and a record year for the brand”.
“At last we are starting to see some return for the years of significant spend in research, development, and technology,” he said.
Mr Kingston said that the profits for 2024 come against the background of a three-year €5m investment in the company with the help of Enterprise Ireland and banking partners Bank of Ireland.
He said that the investment which is to be completed in 2026 “is to support sustainable growth, keeping Glenilen Farm at the sharp edge of innovative dairy manufacturing, all the while keeping to our founding principles of wholesome nutritious local food”.
The Commercial Manager at Glenilen Farms, Tom McGrath, said the yogurt market continues to remain very resilient with significant growth across a number of key categories, most notably across white mass/Natural Big Pot Yogurts, which is experiencing unprecedented growth of circa 40+%.
He said that this is a clear indication on how shopper habits are changing, as they look for healthy and sustainable products.
Mr McGrath said that the other category which remains very robust is single serve protein yogurts across all formats – pouches, pots and drinkable yogurts, with many retailers now committing to protein specific fixtures in-store, to meet this demand.
Mr Kingston said that milk prices in 2024 were up 5% on average on 2023.
“It rose as the year progressed forcing us as a business to look at each of our lines and activities and make cuts where necessary. This made the business more efficient and focused us on our key important lines,” he said.
Mr Kingston said that exports in 2024 accounted for 10% of revenues and the company started exporting to Dubai this year.
The profit last year takes account of net non-cash depreciation costs of €225,727.
Mr Kingston said that “ours is a competitive and challenging market, despite significant surges in costs and food inflation we absorbed these increases and managed to hold our prices adopting increased efficiency and higher output”.
“Our milk, sourced from local farmers in the immediate area is of the highest quality and we are genuinely excited to be growing and bringing great yoghurt made on our farm – packed with gut-healthy live cultures – to more and more people,” he said.
“We anticipate continued strong growth, focusing on our core and most popular ranges – kids and natural yoghurt – alongside the launch of more exciting new product developments coming soon,” Valerie Kingston added.
Reporting by Gordon Deegan
