Independent whiskey distillery Cooley has announced a 50 per cent rise in 2000 pre-tax profits to £515,000 (€654,000) and expects to see a further rise of at least 50 per cent in profits this year.
The company, which was set up 14 years ago, said it was not yet in a position to pay a dividend and was not likely to be for some time. However, it is examining the alternative option of a stock exchange listing.
"Setting up the first Irish whiskey distillery in 100 years was a high-risk project but we are now in profit and corporate risk has been greatly reduced," chairman Dr John Teeling said.
Turnover rose by 18 per cent to £6.39 million, reflecting increased whiskey sales and a price increase implemented in early 2000. Cooley said sales of its brands were increasing at a rate of 20 per cent year-on-year in Europe, with the French market proving particularly strong.
Sales of its Tyrconnell whiskey are growing by 25 per cent in the US market. Cash of £3.2 million was generated by the company's operations and was used to finance new whiskey production, capital expenditure and interest payments on Cooley's bank debt.
