Profits up 5% at Cully & Sully soup owner to €3.07m
Pre-tax profits at the Cork-based food firm that operates the Cully & Sully brand increased by 5% to €3.07m last year.
New accounts filed by the Irish arm of global health and wellness company Hain Celestial show that the business recorded the increase in profits as revenues rose by 7% from €26.39m to €28.32m in the 12 months to the end of June 2024.
"Cully & Sully" co-founders, Colum O'Sullivan and nephew of Ballymaloe's Darina Allen, Cullen Allen - shared a multi-million euro windfall from selling their business to the New York-based organic products group, Hain Celestial in April 2012.
At the time, Hain Celestial confirmed that it paid €10.46m in cash for Cully & Sully and a further €4.5m was to be paid based upon the achievement of specified operating results during the period up to June 30, 2014.
Mr O'Sullivan and Mr Allen are directors of Hain Celestial Ireland Ltd and Cully & Sully soup is just one of a number of brands the company sells in the Irish, EU and UK markets.
Other brands include Linda McCartney frozen meals, Cadbury spreads, jam and jelly under the Hartley brand, Dream non-dairy rice plant based drinks as well as other household brands such as Sun Pat peanut butter.
The directors state that one of the key brands, Cully & Sully soup, is manufactured exclusively in Ireland.
The company's operating profits declined by 15% from €2.37m to €2m and the company increased its pre-tax profits as interest income almost doubled from €546,576 to €1.07m.
The company recorded a post tax profit of €2.58m after incurring a corporation tax charge of €492,392.
Addressing the company's going concern status, the directors state that the company has considerable financial resources and a good business model including strong relationships with its customer and supplier base.
They state that "as a consequence, the directors believe that the company is well placed to manage its business risks successfully".
The firm's balance sheet continued to strengthen last year with accumulated profits rising from €24.27m to €26.85m.
The company's cash funds increased from €16.24m to €19.89m.
Numbers directly employed by the firm last year increased from 14 to 15 as staff costs increased from €1.11m to €1.4m.
Six directors served during the year and directors' pay increased from €405,464 to €422,607.
Globally, Hain Celestial recorded revenues of $1.73 billion in fiscal 2024 and recorded pre-tax loss of $80.28m.
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