September 29, 2011
Foyle Food Group pre-tax profits show increase
Irish meat processor Foyle Food Group booked a 3.3% rise in gross profits to GBP12.8 million (US$20 million) for the year ending December 31, 2010, with pre-tax profits up over 21% to GBP3.25 million (US$5.08 million).
Turnover was down nearly 8.8% to GBP217 million (US$339 million), and the directors said that the economic outlook presented challenges in maintaining the level of business in the next financial year.
During 2010, the company ceased both lamb and pig processing at the Foyle Meats facility in Londonderry, which removed as much as a third of Northern Ireland's lamb processing capacity.
However, the company said it had "reasonable expectations" that it had adequate resources to continue in operational existence. The business operates across five sites, including Foyle Meats, Omagh Meats, Donegal Meat Processors, Foyle Proteins and Hilton Meats Cookstown.
There has been a recent stand-off at beef primal processor Omagh Meats, where 70 workers went on strike over changes to conditions, staffing and work times.