Organic yogurt maker Glenisk says it has returned to profit after sustaining two years of pre-tax losses, as the firm continued its recovery from the "devastating" fire that destroyed its production plant in 2021.
MD of Glenisk, Vincent Cleary said Glenisk "will show a return to profitability"in 2025, as new consolidated accounts show the business recorded pre-tax losses of €865,121 in 2024.
Accounts filed for the Co Offaly-based Cordagrove Ltd show that its pre-tax losses reduced by 37.5% to€865,121 in 2024, compared to €1.38m in 2023.
That came as revenues increased by 18% from €17.4m to €20.5m.
Mr Cleary said today that revenues increased at the same pace again in 2025.
The revenues for 2024 were someway off the pre-fire record Glenisk revenues of €27.8m in 2020.
Mr Cleary said that the business is halfway through a €20m investment on a new production plant.
"Although the new plant has the same footprint as the plant lost, through good space optimisation and automation, Glenisk expects to have a more efficient factory with enhanced capacity," he said
On the 2024 performance, Mr Cleary said that "having lost all in 2021 through a devastating fire, a number of rebuilding years for both business and brand ensued and 2024 is seen as the last of the fire-related years for Glenisk as sales, although short of pre-catastrophe era, continued to rebound."
The accounts show that directors Gerald Cleary and Mark Cleary departed from the board in 2024.
Aggregate pay of €1.62m to all directors in 2024 included €175,675 under the heading of compensation for loss of office.
The accounts also disclose in a post-balance sheet event that the group acquired land at a cost of €659,604 from Gerard Cleary and Mark Cleary.
Commenting on the land purchase, Vincent Cleary said: "Glenisk purchased historical family lands from departing family members and plans are that these may be used to help offset carbon emissions through a combination of forestry and electricity generation, in coming years."
During 2024, Vincent Cleary transferred land to the company valued at €100,000 and at year end Mr Cleary had not been paid for the land.
The company - which supports 50 farm families through the purchase of organic milk for its products - is 100% owned by the Cleary family after the company redeemed Danone's 38% shareholding by mutual consent in 2023.
Gerard and Mark Cleary were replaced on the board by Brian Cleary and Evelyn Cleary.
Numbers employed reduced from 72 to 67 in 2024 as staff costs declined from €5.17m to €4.48m.
Mr Cleary said that now employment levels are just shy of pre-fire levels and Glenisk expect to surpass those employment levels during the course of 2026.
Mr Cleary said that its high protein Glenisk Cottage Cheese was successfully launched in January 2026 and Glenisk expects its Cottage Cheese "to become its next €1 million per annum product".
The loss for 2024 takes account of non-cash depreciation costs of €626,968 and interest costs of €132,642.
The business recorded a post-tax loss of €804,484 after incurring a corporation tax charge of €60,637.
Reporting Gordon Deegan
