Profits at M&J Gleeson almost double to €5m

PROFITS AT the manufacturer of Tipperary Mineral Water and Finches soft drinks almost doubled to €5 million last year.

M&J Gleeson and Co, which bottles Tipperary Mineral Water and manufactures soft drinks and cider, had sales of €220.4 million in the 12 months ended June 30th, 2010, according to the group’s latest returns to the Companies’ Registration Office.

Its sales figure was €10 million shy of that recorded in 2009. Pre-tax profits hit €5 million during the period, up from €2.7 million in 2009. A sharp fall in bank interest charges to €1.5 million from €2.7 million helped boost pretax profits, as did a reduction in other costs.

The accounts show the group’s operations were more profitable during the 2010 financial year than in 2009.

Operating profits grew by around 20 per cent to €6.5 million in 2010 from €5.4 million in 2009. After tax, MJ Gleeson’s profit for the financial year came to €4.5 million.

The group reduced net debt during the year by 14 per cent to €43 million from €51 million. Its operations generated over €15 million in cash.

On June 30th last, shareholders’ funds stood at €89 million, a 25 per cent increase on 12 months earlier, when they came to €71 million.

Along with Tipperary Mineral Water, the group produces Finches range of soft drinks and the Adams Irish cider range.

It has a wholesale distribution operation which carries its own products, along with various wines, beers and spirits.

The beers in its portfolio include Bavaria and Warsteiner. The company says it is the biggest supplier of packaged beers to the off-licence trade.

Directors Patrick and Mary Cooney control the business, which has its headquarters in Cherry Orchard, Dublin.