The Kellogg Company of Ireland has reported profits of €1.1 million for the financial year to end December 2011, down from the €2.1 million profit it recorded a year earlier.
Turnover at Kellogg's rose during the period, with the company reporting a turnover of €60.4 million, up from the €52.3 million recorded last year.
In their statement, directors at the company said "competition in the Irish ready to eat cereal market remains intense," adding that the company "welcomes such a high level of competition, believing that its philosophy of striving for excellence and value for money in every aspect of its business will continue to prove successful in such an environment in the long term." 'Exposure to currency fluctuations' and 'the current economic/competitive environment' were cited as the key risks facing the business in the current financial year.
