Meath-based beef processor Cooksgrove Limited, which trades as Euro Farm Foods, reported an almost trebling in operating profits to €733,170 for its financial year 2018, according to recently filed accounts. Earnings (EBITDA) grew by 63% to €1.6m.
This is despite revenue falling slightly (1%) to €86.4m. Gross margins increased one percentage point to 5.5%.
Euro Farms generates around half of its sales in Ireland, with the other half coming mainly from exports to Europe.
The company employed 180 staff during the year at a cost of about €5.5m, up from 162 staff at a cost of €5.0m a year earlier.
Euro Farm Foods was established in 2001 by Michael and Agnes Fox. It initially operated as a small local abattoir outside Duleek in Co Meath, supplying carcase beef and lamb to the local butcher trade and into the Dublin market.
Since 2005, it has concentrated on the slaughter of cattle and the dispatch of carcase beef and offal products to customers at home and abroad.
Euro Farm Foods achieved approval to export boneless meat to China last October.