May 21, 2012

 

Sean Ward Fish Exports' pre-tax profits up 17%

 

 

Sean Ward Fish Exports Ltd, one of Ireland's largest fish exporters, has reported an increased pre-tax profit by 17% to EUR2.2 million (US$2.8 million) last year.

 

This follows revenues at the Killybegs-based firm increasing by 24% from EUR22.2 million (US$28.4 million) to EUR27.7 million (US$35.4 million) in the 12 months to the end of July 31. At the end of July, the firm has accumulated profits of EUR15.1 million (US$19.3 million).

 

The firm has been located in Killybegs for more than 20 years and specialises in the processing of pelagic fish: mackerel, herring, blue whiting and sprat with the company exporting to Europe, Africa, Russia and the Far East, including China.

 

The firm is one of the largest exporting companies operating in Ireland's seafood industry which contributes about EUR700 million (US$895 million) annually to national income and employs 11,000, people with Killybegs the largest fishing port.

 

The firm has also two state-of-the-art factories and has blast-freezing capacity for 500 tonnes per day along with cold storage for 12,000 tonnes.

 

Last year, the firm's cash increased from EUR1.9 million (US$2.4 million) to EUR2.7 million (US$3.5 million) and shareholder funds at the end of July last totalled EUR16.2 million (US$20.7 million).

 

The profit last year takes account of non-cash depreciation costs of EUR830,778 (US$1.06 million). The figures show that the firm's operating profit increased by 20% from EUR2 million (US$2.6 million) to EUR2.45 million (US$3.1 million).

 

The figures show that the firm's lower pre-tax profits is attributable to higher bank net interest payments last year of EUR177,757 (US$227,400) compared to EUR98,280 (US$125,721) interest payments in 2010.

 

The filings show that the firm's cost of sales last year increased from EUR18 million (US$23 million) to EUR22.9 million (US$29 million), with the firm's gross profit increasing from EUR4.1 million (US$5.2 million) to EUR4.8 million (US$6.1 million).

 

The firm's distribution costs last year increased from EUR1.48 million (US$1.9 million) to EUR1.56 million (US$1.996 million) with administrative expenses increasing from EUR638,057 (US$816,304) to EUR829,367 (US$1.06 million).

 

The figures show that the firm increased revenues and profits in spite of its workforce reducing during the year from 46 to 34. The filings show that the firm's employment costs declined from EUR1.6 million (US$2.05 million) to EUR1.3 million (US$1.66 million).

 

Emoluments to directors last year increased from EUR365,745 (US$467,877) to EUR394,827 (US$505,080). The firm's tax bill last year amounted to EUR299,575 (US$383,183).