Business continues to recover from ‘devastating’ 2021 fire
Glenisk managing director Vincent Cleary. Photo: Frank McGrath
Organic yoghurt maker Glenisk last year returned to profit after sustaining two years of pre-tax losses as the firm continued its recovery from a fire that destroyed its production plant in 2021.
Glenisk managing director Vincent Cleary said the company “will show a return to profitability” in 2025, as new consolidated accounts revealed that the business recorded pre-tax losses of €865,121 in 2024.
Accounts filed for the Co Offaly-based Cordagrove Ltd show pre-tax losses reduced by 37.5pc to €865,121 in 2024 from €1.38m in 2023 as revenues increased by 18pc from €17.4m to €20.5m.
Mr Cleary said revenues increased at the same pace again in 2025.
He said the business is halfway through a €20m investment in a new production plant.
“Although the new plant has the same footprint as the plant lost, through good space optimisation and automation, Glenisk expects to have a more efficient factory with enhanced capacity,” Mr Cleary said.
2024 is seen as the last of the fire-related years for Glenisk
On the 2024 performance, Mr Cleary said: “Having lost all in 2021 through a devastating fire, a number of rebuilding years for both business and brand ensued and 2024 is seen as the last of the fire-related years for Glenisk as sales, although short of pre-catastrophe era, continued to rebound.”
The accounts show that directors Gerard Cleary and Mark Cleary departed from the board in 2024.
Aggregate pay of €1.62m to all directors in 2024 included €175,675 under the heading of compensation for loss of office.
The accounts also disclose in a post-balance sheet event that the group acquired land at a cost of €659,604 from Gerard Cleary and Mark Cleary.
Commenting on the land purchase, Vincent Cleary said: “Glenisk purchased historical family lands from departing family members and plans are that these may be used to help offset carbon emissions through a combination of forestry and electricity generation, in coming years.”
The company is 100pc owned by the Cleary family after the company redeemed Danone’s 38pc shareholding by mutual consent in 2023.
Gerard and Mark Cleary were replaced on the board by Brian Cleary and Evelyn Cleary. Numbers employed reduced from 72 to 67 in 2024 as staff costs declined from €5.17m to €4.48m.
Mr Cleary said employment levels are now just shy of pre-fire levels and Glenisk expects to surpass those employment levels during the course of 2026.