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New accounts show post-tax profits at Glenilen Farm Ltd increased by 98.5pc, from €468,974 in 2023 to €930,826, last year as revenues increased by 10pc to a record €12m. It is now 25 years since Alan and Valerie Kingston commenced trading at Skibbereen Farmers’ Market and -today their Glenilen Farm business, located in Drimoleague, Co Cork, employs 80 people and also supports the incomes of a number of nearby dairy farmers who provide the milk for the production of 20 million yoghurt units each year. At the end of last December, the firm had accumulated profits of €3.17m. Commenting on the 2024 performance, co-founder Alan Kingston said yesterday that “it has been a very successful year and a record year for the brand”. “At last we are starting to see some return for the years of significant spend in research, development and technology,” he added. Mr Kingston said the profits for 2024 come against the background of a three-year €5m investment in the company with the help of Enterprise Ireland and banking partners Bank of Ireland. Ours is a competitive and challenging market He said the investment, which is to be completed in 2026, “is to support sustainable growth, keeping Glenilen Farm at the sharp edge of innovative dairy manufacturing, all the while keeping to our founding principles of wholesome, nutritious local food”. Mr Kingston said milk prices in 2024 were up 5pc on average on 2023. “It rose as the year progressed, forcing us as a business to look at each of our lines and activities and make cuts where necessary. This made the business more efficient and focused us on our key important lines,” he added. Mr Kingston said exports in 2024 accounted for 10pc of revenues and the company started exporting to Dubai this year. The profit last year takes account of net non-cash depreciation costs of €225,727. “Ours is a competitive and challenging market,” Mr Kingston said. “Despite significant surges in costs and food inflation, we absorbed these increases and managed to hold our prices, adopting increased efficiency and higher output.” Co-founder Valerie Kingston said: “We anticipate continued strong growth, focusing on our core and most popular ranges – kids’ and natural yoghurt – alongside the launch of more exciting new product developments coming soon.”
