The Shed Distillery in Co Leitrim, maker of Drumshanbo Gunpowder Irish Gin, increased its sales by 30 per cent and recorded a profit of €2.8 million last year, a period when it launched new spirit brands, entered new territories and opened a visitor centre.
Abridged accounts for the year to the end of September 2021 show that PJ Rigney Distillery & International Brands Ltd increased its accumulated profits to €8.7 million. Sales rose by about 30 per cent to more than €12 million.
The distillery, which is owned by Pat Rigney and his wife, Denise, launched three new brands during the year: Drumshanbo Single Pot Still Irish Whiskey, Drumshanbo Gunpowder Irish Gin Sardinian Citrus and Drumshanbo Single Malt Irish Whiskey.
It also increased to 70 the number of countries where its products are available for sale.
Mr Rigney said the company planned to reinvest the profits in expanding its capacity. This is designed to help it reach its target of hitting 500,000 cases or three million bottles within five years. This would represent a near doubling of its current sales.
It also plans to invest €3 million in branding and innovation. “Every cent of profits to date has been reinvested and we will continue to reinvest every cent,” he said. “We are competing with some very large brands around the world and we need to be investing at this level to compete. We will be building more capacity and investing more in the brand.”
Cost of glass
Mr Rigney said the market remained “very competitive and challenging”, with significant price rises in certain input costs. The cost of glass has risen by more than 40 per cent, he said.
The distillery opened a €3.5 million visitor centre, gift shop and cafe in July. Mr Rigney said about 13,000 visitors took tours of the distillery, a figure he hopes to double this year.
He is forecasting that sales in the current financial year will rise by about 30 per cent. The company has secured new listings, including with the Royal Caribbean cruise line, and the Four Seasons hotel chain. The resumption of air travel has boosted duty-free sales.
The company, founded in 2014, began producing gin in 2016. It has since launched whiskey and vodka products. It employed 51 staff last year.
