Keogh’s Crisps plan to use 18 million potatoes this year, all thanks to the growing demand for their snacks.
Chief executive Tom Keogh announced the company will be constructing a new production facility worth €10 million next year, as the business continues to grow.
Mr Keogh, a North Dublin-based businessman, has reported that the projected revenue growth for this year is expected to be a staggering 20 per cent, following a 30 per cent increase in profits last year. Last year, the US export market was the stand-out performer, nearly doubling revenues, but the knock-on effect on profitability was huge due to increased transport costs.
Despite this, overall exports now account for a quarter of the company’s revenue, while their share of the market in Ireland is 12 per cent. Keogh’s popcorn range is also a hit, with revenues up by 47 per cent last year, and it’s continuing to see the same increase in sales for the year to March 2023.
Their products are already reaching global audiences, with deals with Ryanair, Singapore Airlines, Aer Lingus, Lufthansa, and Emirates.
The Irish family-owned business has been around for 200 years, and Mr Keogh says that he is investing here for future generations. They’re already employing 100 people, with a recent €3 million investment in current facilities that increased production capacity by 50 per cent, serving growth opportunities both locally and abroad.
Since the Covid-19 lockdowns, Keogh’s Crisps has enjoyed a huge recovery in sales, especially in their impulse or small crisp bag, which has gone up by 50 per cent last year. The company’s crisp share-bag revenues account for around 65 per cent of their total revenues.
Mr Keogh is now reviewing the recommended retail price of their products due to inflationary costs, with no recommended price increase for the last six years. The new accounts show that at the end of last March, the firm had accumulated profits of €1.46 million, and the company’s cash funds increased from €849,772 to €1.06 million.