New accounts have revealed that pre-tax profits at Co. Louth's Cooley Distillery decreased 37% last year to €8.5 million.
Meanwhile, the distillery's revenue decreased 12% to €34.4 million; its distribution and administration costs increased to €11.1 million from €8.2 million in 2017; and it generated turnover of €12.3 million in Ireland last year, with the rest of world accounting for a little more than €22 million.
The Irish Independent quotes the distillery's directors as saying, "American and European consumers have endured several years of average earnings growth falling below the rate of inflation and this might be expected to result in continued pressure on gross margin.
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"While Brexit and trade tariffs bring economic uncertainty, the geographic spread of the company's sales means that, in the opinion of the directors, both pose a relatively low risk to the business at this moment in time."
© 2019 Hospitality Ireland – your source for the latest industry news. Article by Dave Simpson. Click subscribe to sign up for the Hospitality Ireland print edition.