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M&J Gleeson Returned To Profit In 2014

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.

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Enjoy the most important stories from the world of Irish grocery retail, curated for you by our team of experts every week.
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