One of Dublin's best known wine merchants, Berry Brothers and Rudd, has managed to cut back its losses to just over €100,000, according to its latest accounts, as wine sales boom in Ireland.
Sales of wine in Ireland have topped 7.9 million cases in the last year and this has helped wine specialists like Berry Brothers to improve its financial position, although competition from supermarkets and off-licences has left its sales somewhat static.
The accounts for the year ended March 31st show turnover at €2.9 million, down slightly on the equivalent period in 2005. A drop in costs was noticeable, from €2.3 million to €2.1 and this left the company with an improved gross profit of €734,859.
However significant distribution costs of €362,386 and administrative expenses left the company with an operating loss of €101,185, much better than the previous operating loss of over €585,000. At the pretax level the company, which operates out of a premises at Harry Street, Dublin 2, posted a loss of €101,639.
The company had no resident Irish director during the period of the accounts.
The ultimate parent company is the UK Berry Brothers and Rudd.
The Irish company purchased goods from its parent amounting to €1 million during the year. The Irish company employed on average 10 people during the year with employment costs of €329,249.
It was decided not to pay a dividend to the UK parent during the period under review.
The Republic has been one of the fastest growing wine markets in Europe over the last five years, with new world wines taking market share at the expense of French vineyards. Almost 70 per cent of wine in Ireland is sold through an off-licence or wine merchant.
Berry Brothers, along with other long-established merchants, is involved in wine investment and corporate sales. It advises clients on purchasing wines en primeur, often described as wine futures. The company claims to be one of the oldest sellers of wine in Britain or Ireland. Its first London store was set up in 1698 next to St James's Palace.
