The Irish arm of Monster Energy branded drinks last year enjoyed a fizz in revenues as they increased by 40% to €196.39m.
New accounts show that American Fruit and Flavours Ireland (AFFI) achieved the revenue increase ahead of the planning green light allowing the firm to double its Irish workforce at Townparks Industrial Estate, Athy in Co Kildare to 100 in "a major investment" for the business.
The new accounts for AFFI show that it recorded a pre-tax loss of €47.07m last year which was mainly due to non-cash amortisation costs of intellectual property of €115m.
The pre-tax loss of €47.07m last year was 27% down on the pre-tax loss of €64.5m which was also brought about by non-cash amortisation costs.
The Directors state that they "expect that the company will be profitable in future years".
Owned by the NASDAQ listed Monster Beverage Corporation, AFF Ireland provides manufacturing and distribution of Monster Energy drink products across Europe, the Middle East and Africa (EMEA).
On the firm's future developments, the directors state that "the company intends to expand its supply of recipes and formulae for all the non-US companies within the group".
After incurring the non-cash amortisation costs of €115m the firm recorded an operating loss of €38.54m and net interest payments of €8.5m resulted in the pre-tax loss of €47m.
The company incurred a post tax loss of €49.4m after incurring a €2.36m corporation tax charge.
In a reference to the expansion plans for its Athy production plant, a note attached to the accounts states that the company "has commenced a large-scale manufacturing expansion project and the Directors expect that the Company's manufacturing levels and associated revenue will increase by 2024, on successful completion of the project".
The 'Subsequent Event' note also stated that theCompany also continues to experience increased inflationary costs due to the ongoing conflict between Russia and Ukraine and general inflationary cost increases but these have not materially impacted on the company's trading activities.
Numbers employed last year more than doubled from 18 to 39 as staff costs increased from €1.21m to €2.42m. Directors' remuneration increased from €144,545 to €198,681.
At the end of December, the firm had a shareholders' deficit of €1.76m. This was made up of accumulated losses of €137.9m offset by share capital of €46m and other reserves of €90.15m.
The firm’s cash funds increased from €10.32m to €17.24m.
In relation to the company’s expansion plan for Athy, Tony Bamford Planning (TBP) told Kildare Co Council that "the investment will ensure current production and employment levels are maintained, and grow in a sustainable manner into the future".
TBP stated that "the purpose of this development is to create an upgraded, modern, automated production plant facility".
Reporting by Gordon Deegan
