Nutella maker’s Irish unit sees profits, turnover rise

The Irish arm of Ferrero, the Italian confectionary giant behind Nutella, Kinder Eggs and of course, the chocolate pralines beloved by country ambassadors, saw pretax profits jump by 34 per cent last year.

Newly-filed accounts for Ferrero Ireland Limited show the company recorded a profit of €2.76 million for the 12 months ending August 3st, 2015, versus €2.05 million a year earlier.

Turnover for the company was up 13 per cent to €55.5 million, as against €49 million for the preceding year. Cost of sales increased from €39.6 million to €45.6 million.

Ferrero Ireland has a factory in Cork where more than half of the Tic Tacs sold globally are produced.

The company employs 238 people in Ireland with staff costs, including directors’ remuneration, totalling €12 million in 2015, a rise from €11.2 million a year earlier.

The group, which was founded in Alba in Italy in 1946, has over 34,000 employees globally and sells its products in more than 160 countries. In 2015, a year in which it acquired chocolate maker Thorntons for €135 million, Ferrero reported revenues of €9.54 billion.

Retained reserves at the end of the financial year totalled €29.3 million, compared to €26.8 million in 2014.