Flahavan’s, the family-owned business which manufactures breakfast and on-the-go products from oats, reported a 10% increase in sales close to €20m for its 2016 financial year.
Export sales to 17 different markets now account for 25% of Flahavan’s overall business. The UK is the company’s largest export market but the US and South Korea are also significant.
Operating profits in the business fell almost 16% to €2.1m as profit margins narrowed from 12.7% the previous year to what is still a very strong 10.5% in 2016. Flahavan’s recorded pre-tax profits of just over €2m. Founded in 1785, Flahavan’s is a seventh-generation family business that sources about 15,000t of oats every year from 50 local growers.
While best known for their range of porridge breakfast products, Flahavan’s has invested in on-the-go products in recent years such as flapjacks and granola cereals. Flahavan’s has over a 50% share of the €30m hot oats cereal market and over 60% of the sector’s convenience segment.