Drinks business M&J Gleeson has reported net revenues of €234 million for the 12 months ending February 28, as well as pre-tax profits of 3.26 million
According to the Irish Independent, these results mark a return to profit for the drinks firm, which was bought by C&C Group for €12.4 million in 2013 and owns the Tipperary mineral water brand.
Due to what was described as a number of exceptional costs, the firm had recorded a pre-tax loss of €38 million and an operating loss of €3.3 million in 2013.
The new accounts show that revenues increased by 47% in the 12 months to the end of February 2014, and also that a dividend of €8.3 million was paid out during the year.
The group’s gross profit in 2014 also increased by 55% to €36.8 million, however, distribution costs of €10 million and administrative expenses amounting to €23 million resulted in an operating profit of just €3.7 million.
© 2016 - Checkout Magazine by Jenny Whelan.