Teeling Whiskey Records Profit Increase For 2020
Teeling Whiskey has recorded a 71% increase in profit for 2020.
As reported by The Irish Times, newly-filed accounts for Teeling Whiskey Company Ltd have revealed that the company's pre-tax profit increased to a little less than to €2.8 million last year from €1.6 million the previous year, while its cost of sales decreased by €1 million to €5.8 million; its administrative expenses decreased to €6.2 million from €9.9 million; its turnover decreased by 20% to €14.6 million; its sales in Ireland decreased to a little over €2 million from €5.1 million in 2019; its revenue from Europe decreased by 8% to €4.4 million; and its revenue from the rest of the world decreased by 1.6% to €8.2 million.
Additionally, the number of people employed by the company reportedly decreased last year from 88 to 63; salary costs reportedly decreased by €1.4 million; and the company reportedly claimed €81,318 in wage subsidies from the state for the subsidiary that operates its visitor centre, which reportedly experienced a loss of €408,460 last year.
Jack Teeling, who is major Teeling Whiskey shareholder, as is his brother, Stephen, reportedly said that last year was "challenging" and required "resilience and adaptability" from the company, and, "We tried to focus on getting [retail] listings in places where people could buy. It has provided us with a strong springboard into 2021 and we're forecasting to be up about 30% in terms of bottle sales on 2019, which was our record year."
Teeling reportedly said that last year the company added approximately €1 million worth of sales in China, while emerging markets such as Nigeria performed well and Australia was "very strong", with new retail listings being added, and that sales have rebounded strongly this year and he is forecasting sales of approximately 1.2 million bottles of whiskey, with the company spending $6.5 million (€5.5 million) in the US to promote its products, jointly funded by Bacardi, which has a minority stake in the business.
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