2017 was a 'solid year' for Glenisk in terms of revenue but the Irish-owned yoghurt company said that it faced 'significant challenges' in terms of profitability, according to its latest financial results.
'This was largely due to increased investment in our raw materials – increasing the premiums paid to our farmers and fruit suppliers and in research and development to bring new products to the market,' the company said in a statement.
'Brexit contributed in that changes to sterling facilitated a number of UK based yogurt manufacturers in heavy discounting in this market,' it added.
Headquartered in Offaly, the company launched several new products in 2018 and over 100 million servings of yogurt are produced at its plant every year.
It's old Greek Style range has been relaunched as Irish Strained Protein Yogurt, 'focusing more heavily' on it's Irish provenance and it's grass fed milk.
Looking ahead, Glenisk said that it sees growth returning in terms of revenue.
In the statement, the group outlined that profitability is expected to be similar to last year, it has 'continued to invest in it's 'innovation, ingredients, farms and in providing value for customers at the check-out'.
The Irish company said that it is expanding the business’s reach into continental Europe with a number of new retail listings due to be announced in Q1 next year as 'the demand for pasture-fed, free-from and organic products is growing in Europe.'
© 2018 Checkout – your source for the latest Irish retail news. Article by Donna Ahern. Click subscribe to sign up for the Checkout print edition.