Pretax profits at the company behind gourmet jelly bean-maker, the Jellybean Factory, last year increased almost six-fold to €1.5 million.
New accounts filed by Cloetta Ireland Ltd show the driver behind the sharp increase in pretax profits was €1.5 million in dividends received.
Revenues at the Dublin-based sweet-maker last year fell by 10 per cent from €12.5 million to €11.26 million. The profits last year also take account of a non-cash impairment charge of €1.4 million.
In May 2014, Scandinavian confectionery firm Cloetta acquired control of the Irish business from father and son Peter and Richard Cullen, and completed its purchase of the business outright in 2016.
Based in Blanchardstown, Dublin, the Jellybean Factory was established by the Cullens in 1998. Today the Jellybean Factory offers 36 different flavours of gourmet jelly beans, and every day more than 12 million gourmet jelly beans are manufactured at the factory.
The company has a vast export market selling 96 per cent of its jellybeans to around 50 countries worldwide.
In the accounts the directors note that the impact of Covid-19 on the business “has not been significant”.
Accumulated profits at the end of last year totalled €16.7 million.
