Turnover Decreased At Lily O'Brien's Chocolates Last Year
Turnover at Lily O’Brien’s, the luxury Irish confectionery company, dropped by almost a quarter last year as Covid-19 slowed sales.
According to The Business Post, turnover at luxury Irish confectionery company Lily O'Brien's Choocolates decreased by close to a quarter last year as COVID-19 slowed sales.
The firm, which is owned by Colian Holdings, a Polish food manufacturer, reportedly reported an operating profit of €661,328 for the period ended December 31, 2020, reportedly down from €1.98 million in 2019.
The grounding of international travel, one of the company’s main sales avenues, reportedly had a significant impact on performance at Lily's, according to recently filed accounts for Lily O’Brien’s Holding Limited.
Turnover in the period reportedly fell from €30 million to €22.63 million, while the firm's ultimate profit after tax reportedly came to just €32.069.
The firm was reportedly forced to implement cost-saving measures as a result of the pandemic, according to recently filed accounts for the company, though performance reportedly improved later in the year.
A note attached to the Lily's accounts reportedly said its "core retail markets" had stabilised.
"The directors are confident that they will be able to continue to drive the strategic growth plan for the business in these core retail markets," the accounts reportedly said.
Increased demand for online sales reportedly also helped with the company's recovery, in a "growing sales channel for the group".
"The directors are confident that the group will continue to fulfil its customer requirements without interruption throughout 2021," reportedly according to the accounts.
At the end of the year, Lily O'Brien's Holding Limited reportedly had assets of €23.31 million and liabilities of €11,003,355. It reportedly did not pay a dividend.
The company reportedly employed an average of 184 people during 2020 despite the COVID restrictions, reportedly up from 129 in 2019.
The increase was reportedly mostly down to a doubling of the number of staff employed in production. It reportedly paid an average annual salary of €29,806.
Directors' emoluments, meaning the compensation paid out to leadership, reportedly came to €272,305 in 2020, reportedly down from €404,303 in 2019.
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