Northern Ireland-based meat processor Dunbia has reported a 65% increase in pre-tax profits to £11.8m (€13.3m) for its financial year to 2 April 2017. Accounts recently filed with the Companies Office in the UK show that operating profits for Dunbia increased by more than 40% in the year to £13.2m (€15m), as profit margins widened from 1.2% to a healthier looking 1.7%.
The accounts show that Dunbia’s profits were boosted by the sale of subsidiary assets during the year for £8.8m (€10m). While not confirmed in the accounts, this £8.8m likely relates to the proceeds net of debt received by Dunbia from the sale of its pig-processing business in Co Antrim to the UK food group Cranswick in late 2016.
Overall, Dunbia reported a slight fall in sales (-2%) for its 2017 financial year to £768.3m (€865m), which was due to the disposal of its pork business. In May, Dunbia agreed to merge its UK business with Dawn Meats in a new joint venture, while it sold its meat processing plants in the Republic outright to Dawn Meats.
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Northern Ireland-based meat processor Dunbia has reported a 65% increase in pre-tax profits to £11.8m (€13.3m) for its financial year to 2 April 2017. Accounts recently filed with the Companies Office in the UK show that operating profits for Dunbia increased by more than 40% in the year to £13.2m (€15m), as profit margins widened from 1.2% to a healthier looking 1.7%.
The accounts show that Dunbia’s profits were boosted by the sale of subsidiary assets during the year for £8.8m (€10m). While not confirmed in the accounts, this £8.8m likely relates to the proceeds net of debt received by Dunbia from the sale of its pig-processing business in Co Antrim to the UK food group Cranswick in late 2016.
Overall, Dunbia reported a slight fall in sales (-2%) for its 2017 financial year to £768.3m (€865m), which was due to the disposal of its pork business. In May, Dunbia agreed to merge its UK business with Dawn Meats in a new joint venture, while it sold its meat processing plants in the Republic outright to Dawn Meats.
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