Pre-tax profits at the Cork-based unit of sweet manufacturer Ferrero last year deceased by 11pc, to €2.44m, as revenues dipped.

The drop in profit followed revenues decreasing from €28.6m to €28.04m in the 12 months to the end of August last at Ferrero Ireland Ltd.

The figures show that the numbers employed at the company, which makes Tic Tac mints, last year decreased from 262 to 245.

The directors state that the decrease in profit follows a drop in revenues.

The directors‘ report states that the firm‘s income is entirely as a result of toll manufacturing.

The directors state that the results are in line with the expectations of the directors.

Ferrero has produced the global brand of Tic Tacs – which is available in over 100 countries – since 1969. The Cork plant continues to be profitable with pre-tax profits of €2.44m last year, and this followed pre-tax profits of €2.76m in 2016.

The firm‘s profits take account of non-cash depreciation costs of €4m.

At the end of August last, the company had accumulated profits of €34.7m. The firm‘s shareholder funds totalled €58.1m and the company‘s cash pile reduced from €538,006 to €179,014.

Staff costs at the company last year decreased from €13.25m to €12.5m. The company had 210 engaged in production and 35 in administration. Directors pay, including pension costs, last year increased – going from €416,504 to €426,552.

R&D costs last year totalled €105,864 and this followed R&D costs of €165,240 in 2016.

Irish Independent