M&J Gleeson revenue rose 16% last year

REVENUE AT M&J Gleeson, the manufacturer of Tipperary mineral water and Finches soft drinks, increased by 16 per cent to €261 million during its 2011 financial year.

Accounts for the year to June 30th, 2011, show that pre-tax profits rose by 6.4 per cent to €5.3 million, with the cost of sales rising to €215.4 million from €181.4 million the previous year.

The rise in revenue may reflect the company’s acquisition of Gilbeys Wines during the financial year. Gleeson bought the wine business from Diageo in September 2010, with the Competition Authority clearing the deal a few months later.

Gleeson, which is one of the largest drinks companies in the State, is the manufacturer of Tipperary mineral water, Finches soft drinks and cider brands including Devils Bit and Adams Irish Cider. It also makes own-brand products for retailers.

Gleeson is also a major wholesale distributor, distributing its own products as well as beer, wine and spirit products. In addition, it makes bottles and containers for the drinks industry.

The company, which has its headquarters in Cherry Orchard, Co Dublin, employed 739 people during the year, up from 653 in 2010. About half of employees worked in sales and distribution, a third in production, and the remainder in management and administration. Total employee costs were just shy of €22 million.

Operating profits at the company rose by 13.5 per cent to just under €7.5 million.

According to the accounts, goodwill booked from the purchase of Gilbeys Wines amounted to €3.46 million after amortisation.

The company, which operates from several distribution depots across the country, also said it had initiated a reorganisation of its distribution logistics since year-end.

Gleeson was founded by the Gleeson family in the 1960s and acquired by brothers Pat and Nicholas Cooney in 1974. It is still controlled by the Cooney family.

In the past decade Gleeson has bought both Finches and United Beverages from Diageo.