Ina’s Kitchen Desserts, the company behind the Broderick’s brand of confectionery products, sank back into the red in 2024 as its cost of sales eclipsed a bounce in revenue.
Established in 1984 by Ina Broderick, the company is a leading manufacturer of sweet bakery products for the grocery, retail, cafe, and food services sector.
It is controlled by brothers Barry and Bernard Broderick, and is named after their mother Ina who founded it at her kitchen table back in 1984. She started out by selling cheesecakes to local coffee shops. Today, it exports to more than 23 countries.
Broderick’s was the official dessert supplier to the Ryder Cup at The K Club in 2006. Five years later it was exporting across Europe before flying worldwide with airlines like Virgin Atlantic, Delta, Emirates, and Ryanair.
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The group’s accounts for the year ended December 2024 show turnover grew from €15.5 million to €16.8 million, but its cost of sales increased even more, from €12.3 million to €14.5 million.
The group made a loss €36,408 in the year, down from a profit of €1,335,704.
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Ireland accounted for roughly a third of sales in 2024, with the vast majority of the rest coming in Europe. A small amount of its products were sold around the rest of the world.
The Brodericks said turnover was up 42 per cent from 2021 levels when the family took back control of the business from the BDO fund that had taken a 75 per cent share in it in 2019 after converting loan notes into equity.
When the relationship between the two sides soured, the family made a failed attempt to put the company into examinership before securing €3 million in funding from corporate financier Kevin Warren, Declan Ryan’s Irelandia Investments, and accountant Pat Burke to buy it back.
The Brodericks said they expected 2025 turnover to increase further based on new product launches towards the end of that year.
Earnings before interest, tax, depreciation and amortisation since October 2021 have been “consistently profitable” and in 2024 exceeded €1 million, they said, although they did not recommend payment of a dividend.
“We will continue to work with our capital partners to simplify and optimise the capital structure to position the company for long-term stability, growth and continued reduction of legacy debt,” the brothers said.
“The past several years have been marked with both progress and resilience amid what continues to be а challenging trading environment for the food manufacturing sector.
“Significant increases in input and labour costs, most notably unprecedented volatility and record highs in cocoa prices has strained margins across the chocolate confectionery sectors.”
They said the wider market “continues to experience headwinds” with labour costs and commodity price inflation.
“The company continues to manage these challenges carefully, balancing cost discipline with its commitment to product quality and customer relationships and pricing,” they added.
Looking ahead, the Brodericks said they remain optimistic. “The business is in a stronger position today than at any time in recent years, underpinned by consistent growth, operational stability, and a clear strategic direction,” they said.
“The steps taken since 2021 have placed the company on a sustainable footing for continued success in the years ahead.”
Employee numbers increased from 103 to 121 in the year, “reflecting both the growth of the business and continued investment in people, skills, and product quality”, the family added. It spent €4.1 million on staff, up from €4 million in 2023.
