West Cork Distillers' Sales Increased By Approximately €8.1m Year-On-Year In 2019
The latest results for West Cork Distillers have revealed that the company's sales increased by approximately €8.1 million year-on-year in 2019 to approximately €34.9 million from over €26.8 million the previous year.
As reported by The Irish Independent, despite experiencing an increase in sales, the company's pre-tax profit decreased by approximately €1.16 million year-on-year in 2019 to €4.8 million. The company's directors attributed the decrease in pre-tax profit to higher distribution costs.
West Cork Distillers employed a monthly average of 79 people in 2019, which was up from 53 in 2018, and the company's wage bill increased to approximately €3.1 million from almost €2.1 million the previous year.
West Cork Distillers director and co-founder John O'Connell said that the company is planning to hire an additional 20 to 30 people over the next two years.
Diversification And Stock Purchase Agreement
Additionally, West Cork Distillers noted in its results that consumers are becoming more demanding in relation to the variety of goods that they consume, which has led to more "more diverse products being offering", and the company stated that demand for beverages has declined due to COVID-19-related lockdowns, but that it has mitigated this risk by increasing its diversification into other product lines.
The results also stated that West Corks Distillers entered into a stock purchase agreement with Halewood International Beverages in relation to new make whiskey at a pre-agreed price of €2 million.
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