Firm said it ‘outperformed’ drinks market in 2024
Pat and Denise Rigney in their Drumshanbo distillery. Photo: Brian Farrell
Pre-tax profits at the maker of Drumshanbo Gunpowder Irish Gin last year declined by 25pc to €2.8m.
Accounts filed by PJ Rigney Distillery and International Brands Ltd show that the company recorded the drop in profits as revenues declined by 6pc from €18.37m to €17.27m in the 12 months to the end of last September.
The US market accounts for 35pc of the Co Leitrim firm’s sales and the company in the current year is dealing with the impact of the proposed Donald Trump tariffs as negotiations continue between the US and EU.
On the 2024 performance, the directors for the firm state that “the company performed strongly during the year despite the economic headwinds, inflationary pressures, conflict in Ukraine, the Middle East and elsewhere”.
They add: “Our brands outperformed the general drinks market on the back of substantial increased investments in innovation and brand communications.”
The directors say they “aim to maintain the management policies which have resulted in the company’s strong performance in recent years”.
“The operations of the company will remain consistent in the next year with the continued development of our markets and our brands,” they state.
Numbers employed increased by one to 85 made up of 40 in production, 37 in sales and marketing, five in administration and three directors.
Staff costs increased from €2.43m to €2.72m. Directors’ pay last year remained at €150,000.
The company recorded a post-tax profit of €2.43m after incurring a corporation tax charge of €386,550.
The profits last year take account of non-cash depreciation charges of €428,645.
Accumulated profits totalled €17.7m at the end of December. Cash funds increased from €4.95m to €5.68m.
The principal activity of the company is to create, distil and bottle spirit brands at The Shed Distillery of PJ Rigney in Drumshanbo and market them in Ireland and across world markets.
The company’s leading brands include Drumshanbo Gunpowder Irish Gin, Drumshanbo Sausage Tree Pure Irish Vodka and Drumshanbo Single Pot Still Whiskey.
The directors state that the Shed Distillery Experience had its first full financial year in 2024 and they are confident the attraction in Drumshanbo, Co Leitrim “will continue to be an operational success”.
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