Pre-tax profits at a meat processing group owned by Larry Goodman last year increased by 27pc to €4.05m.
New consolidated accounts for the Goodman owned Slaney Foods and Irish Country Meats businesses show that Wexford Beef & Lamb Unlimited Company (WBL) recorded the pre-tax profit after revenues increased by 75pc from €357.9m to €624.77m in the 18 months to the end of March 27th last.
On a 12 month pro-rata basis, revenues increased by 16 per cent.
In May of 2021, Mr Goodman’s ABP Food Group reached an agreement to acquire the remaining 50pc holding in Fane Valley Co-Op’s ‘red meat’ business that included Slaney Foods and Irish Country Meats here.
The businesses had operated as a joint venture over the preceding five years.
The Slaney Foods group operates processing facilities at Camolin and Bunclody, Co Wexford, Navan, Co Meath and Liege, Belgium.
The directors state that the operating profits of €5m for the year was “a satisfactory out-turn” and they are satisfied with the year end position of group’s net assets of €61.2m
Numbers employed reduced from 1,008 to 929 and staff costs over the 18 months totalled €49.58m.
The company paid out dividends of €5.3m. The group recorded a post tax profit of €2.6m after paying €1.44m in corporation tax.
On the impact of Covid-19 on the business, the directors state that thankfully the group didn’t experience any significant ongoing disruption to the business from the pandemic.
The profits for the investment holding company last year take account of combined non-cash depreciation and amortisation charges of €7.64m.
The WBL business recorded a gross profit of €68.63m after cost of sales totalled €556.13m.
Distribution expenses totalling €21.8 million and administrative expenses amounting to €41.75m resulting in an operating profit of €5m. Finance costs of €408,000 and and a €567,000 loss on the disposal of a subsidiary to a fellow group company resulted in the €4.05m pre-tax profit.
The group’s cash funds at the end of March 27th totalled €13.2m.
The directors’ report attached to the accounts filed by WBL states that the group “is a significant supplier to high quality and long established premium retailers, food service providers and food manufacturers internationally”.
The group is engaged in the procurement and slaughter of cattle and sheep and the further processing of the meats with related products for the sale on the home and export markets.
The directors state that the group is carrying on significant research and development activities that enable it to introduce new products and provide a superior quality product which is traceable, effectively marketed and competitively priced to major customers and suppliers to sustain consumer confidence.