The Irish arm of global food giant Mars Food has reported a slump in sales and profits for the 12 months to the end of December 2013, citing extremely challenging trading conditions as the main cause.
Accounts filed by Mars Food Ireland Ltd show a 44% decrease in pre-tax profits for the period, down from €9.7m to €5.4m. Revenue for the year also decreased by 5.6% to €127.7m.
Operating profits also declined by 51% to €4.75m.
Expenses at the firm decreased slightly, with cost of sales dropping from €116m to €114.2m, and admin expenses going from €9.58m to €8.74m. Employee numbers decreased from 132 to 131 and in-line with that staff cost decreased by €340,000.
“Trading conditions in Ireland remain extremely challenging with continued pressure on consumers’ disposable income, impacting sales growth in 2013,” said a statement in the accounts. “Consequently, Mars Food Ireland Ltd report a €7.6m decline in sales, a 3.7% decrease in margin and a reduction in profit after tax of €4.3m.”