After racking up significant losses in 2014, Foyle Food Group returned to profit for its 2015 financial year. Accounts to the end of December 2015 show Foyle recorded pre-tax profits of just over £3m (€3.5m) in 2015, a marked improvement on the £5.4m (€6.2m) loss recorded the previous year.
The group recorded operating profits of £4.8m (€m) in 2015, as margins improved significantly to a solid 1.6%. Turnover in the business increased 3% to £297.2m (€343m). Management at Foyle said the business had returned to normal levels of profitability in 2015 following very difficult trading conditions in the previous year.
Foyle’s debt position did increase in 2015, with loans and other borrowings rising 12% in the year from £48.5m (€55.9m) close to £54.4m (€62.7m).
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Foyle Food Group, which is owned by the Acheson family, process in the region of 300,000 head of cattle per annum. The group operates nine processing facilities – two in the UK, six in Northern Ireland and a single plant in Co Donegal.
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After racking up significant losses in 2014, Foyle Food Group returned to profit for its 2015 financial year. Accounts to the end of December 2015 show Foyle recorded pre-tax profits of just over £3m (€3.5m) in 2015, a marked improvement on the £5.4m (€6.2m) loss recorded the previous year.
The group recorded operating profits of £4.8m (€m) in 2015, as margins improved significantly to a solid 1.6%. Turnover in the business increased 3% to £297.2m (€343m). Management at Foyle said the business had returned to normal levels of profitability in 2015 following very difficult trading conditions in the previous year.
Foyle’s debt position did increase in 2015, with loans and other borrowings rising 12% in the year from £48.5m (€55.9m) close to £54.4m (€62.7m).
Foyle Food Group, which is owned by the Acheson family, process in the region of 300,000 head of cattle per annum. The group operates nine processing facilities – two in the UK, six in Northern Ireland and a single plant in Co Donegal.
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