Pre-tax profits at the maker of Drumshanbo Gunpowder Irish Gin last year declined by 25% to €2.8m.
Accounts filed by PJ Rigney Distillery and International Brands Ltd show that the company recorded the drop in profits as revenues declined by 6% from €18.37m to €17.27m in the 12 months to the end of September last.
The US market accounts for 35% of the Co Leitrim firm's sales and the company in the current year is dealing with the impact of the proposed Trump tariffs as negotiations continue between the US and EU sides.
On the 2024 performance, the directors for the firm state that "the company performed strongly during the year despite the economic headwinds, inflationary pressures, conflict in Ukraine, the Middle East and elsewhere".
"Our brands outperformed the general drinks market on the back of substantial increased investments in innovation and brand communications," they add.
The directors state that they "aim to maintain the management policies which have resulted
in the company's strong performance in recent years".
They state that "they consider the operations of the company will remain consistent in the next year with the continued development of our markets and our brands".
Numbers increased by one to 85 made up of 40 production, 37 in sales and marketing, five in administration and three directors.
Staff costs increased from €2.43m to €2.72m. Directors' pay last year remained at €150,000.
The company recorded a post tax profit of €2.43m after incurring a corporation tax charge of €386,550.
The profits last year take account of non-cash depreciation charges of €428,645.
Accumulated profits totalled €17.7m at the end of December. Cash funds increased from €4.95m to €5.68m.
The principal activity of the company is to create, distil and bottle spirit brands at The Shed Distillery of PJ Rigney in Drumshanbo and market them in Ireland and across world markets.
The company's leading brands include Drumshanbo Gunpowder Irish Gin, Drumshanbo Sausage Tree Pure Irish Vodka and Drumshanbo Single Pot Still Irish Whiskey.
The directors state that the Shed Distillery "Experience" had its first full financial year in 2024.
The directors state that the company is confident that this unique distillery based in Drumshanbo, Co Leitrim "will continue to be an operational success".
They state that "we care deeply about Drumshanbo and Leitrim communities and the social enterprise at The Food Hub where we are located".
"We aim to create profits and prosperity to sustain The Shed Distillery, our employees, the Food Hub and the Drumshanbo community," they say.
On the company’s future developments, the directors state that "the company will continue to develop its brands and drive growth in new and existing markets".
Reporting by Gordon Deegan
