Pretax profits almost doubled last year to €27.6 million at the Irish unit of confectionery giant Mars Foods.
Accounts show that Mars Food Ireland Ltd’s pretax profits surged by 73 per cent after revenues increased by 11 per cent from €129.7 million to €143.76 million.
The business generates revenues from four categories – food, chocolate, pet care and gum.
A note with the accounts said that the rise in revenues arose from growth in all segments “through a focus on driving the profitable mix, mainly driven by the chocolate and gum portfolio”.
The accounts said that administration expenses decreased by 8 per cent from €11.55 million to €10.64 million and cost of sales increased by 5 per cent from €102.2 million to €107.7 million.
The note said that this was “managed as a result of good control of expenses despite the increase in raw materials due to inflation, resulting in an increase in profit after tax”.
The company paid an interim dividend last year of €32.03 million and this followed a dividend payout of €26.04 million in 2022.
The company’s operating profits increased by 59.5 per cent from €15.9 million to €25.4 million and interest payments receivable of €2.2 million resulted in the pretax profit of €27.6 million.
Some of the firm’s best known brands here include Mars, M & Ms Bounty, Milky Way, Snickers, Starburst, Pedigree, Ben’s Original, Dolmio and Whiskas.
On the risks facing the firm, the accounts said that the company “is well placed to take advantage of changes in the marketplace and that recent levels of profitability will be maintained”.
The company recorded post tax profits of €23.57 million after incurring a corporation tax charge of €4.03 million.
At the end of December 30th last, the company had shareholder funds of €36.32 million.
Numbers employed by the sales and marketing firm here last year declined by six from 55 to 49 with staff costs increasing from €7.93 million to €8.6 million.
Numbers employed were made up of 34 in selling and marketing and 15 in administration.
Directors’ pay totalled €405,000 made up of €390,000 in emoluments and €15,000 in pension contributions.
The profit for last year takes account of combined non-cash amortisation and depreciation costs of €1.8 million.
The loss also takes account of a non-cash impairment loss of €196,000. The business also made an actuarial loss on pension schemes of €1.1 million last year.
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