Food
James and John Flahavan pictured at the mill in Kilmacthomas, Co Waterford. Photo: Dylan Vaughan
Doireann Garrihy post for Flahavan’s on Instagram
Flahavan’s, the Waterford-based porridge maker, recorded a fall in pre-tax profits worth over €800,000 as increased costs bite into the company’s earnings.
According to results published for Flahavan’s parent company, Finegrove Holdings, revenue surged by over €4.1m to almost €33.5m for the year ended June 30, 2023.
Despite the surge in revenue, the company’s pre-tax profit fell to just over €1.8m, down from €2.6m the previous year. The fall in profits came as operating expenses increased by 10pc to almost €8.5m.
James and John Flahavan pictured at the mill in Kilmacthomas, Co Waterford. Photo: Dylan Vaughan
Directors of the company said in the results that the level of business and the year-end financial position of the group was satisfactory. They said the company would “seek to sustain the present level of activity”, allowing Flahavan’s to trade “successfully for the foreseeable future”.
The directors also outlined Flahavan’s plans, which include substantial short-term capital expenditure. They said the investment was to help maintain the company’s productive capacity and involves replacing the existing oat storage bins, which are becoming obsolete, and enhancing the capacity for organic oats.
In recent years, the company has significantly expanded its international operations.
Finegrove also employed 97 people over its 2023 financial year, up from 91 the previous year. Most were in production.
Flahavan’s has been producing porridge oats for more than 230 years at its mill in Waterford, in a business that has been in the family for seven generations. Finegrove directors include James, Tom and John Flahavan.
Last July, Flahavan’s hit the headlines after Doireann Garrihy used a 2FM studio to shoot an advert for the brand without the permission of her RTÉ bosses. She had struck a brand deal with Flahavan’s in 2022.
