Cassidy Wines returns to profit

Cassidy Wines returned to profit last year with pre-tax profits of €51,433 recorded for the year to 31st May 2010, up 17 per cent on the 2009 figures which showed a loss of €273,405.

Turnover too was up to more than €20 million from €17 million the previous year for the company which employs around 30.
During the year the independent wine importer added the Gallo, Marques de Caceres and Errazuriz wine agencies to its portfolio which helped boost sales “significantly” and the company predicts a further rise in profits this year.

But while the company expects sales to increase again this year, gross margins are likely to decrease “in line with the trends in the industry”.