Operating profit at the Foyle Food Group slipped slightly to £20.9m (€24.2m) in 2024, from £21.6m (€25m) the previous year, despite turnover at the processor increasing by almost 8% to £530m (€613.5m) when compared to 2023. The operating profit margin at the group dropped from 4.4% to 3.9%.
Once tax, interest and depreciation were deducted and an adjustment for currency movement was made, the bottom-line profit for 2024 was £12.5m (€14.5m).
There was a dividend paid of £3.3m (€3.8m) during 2024, based on earnings for 2023.
There was a dividend of £1.7m (€2m) declared at the 2024 annual general meeting to be paid this year.
Foyle Food Group is controlled by the Acheson family.
The company processes up to 7,000 cattle per week at its facilities in Donegal in the Republic of Ireland, Derry and Tyrone in Northern Ireland, and Gloucester and Melton Mowbray in England.
The average number of employees at the group during 2024 increased to 1,381, with total staff costs rising by more than £5m (€5.8m) to £49m (€56.7m).
The directors’ statement accompanying the annual report said that they are satisfied with the result for the year, despite the challenging market conditions. They added that they will continue to monitor trading conditions, particularly the buy-sell margin and the working capital position of the group. Foyle incurred interest costs of £3.1m (€3.6m) during the year, a slight decrease on the previous year. The interest cost mostly arose from the use of an invoice discounting facility and bank overdrafts, as the group ended the year with almost no bank term loans.
Sustainability
The company said it surpassed its scope one and two targets in 2023, with a 27% reduction from its 2019 baseline. It said it continues to strive for energy reductions where available.
A 2023 installation of a state-of-the-art refrigeration plant at the Foyle Campsie site – which saw a 10% reduction in overall electricity use at the site – has been mirrored at the Foyle site in Donegal, with the project completed in early 2025, and with a similar reduction in electricity usage expected.
Foyle Food Group operates an anaerobic digestion (AD) facility at its Campsie production facility, which uses organic waste to make biogas – used to generate on-site electricity.
The company switched to 100% renewably sourced electricity in 2022.
US ambitions
The company said that the recent announcements surrounding US tariffs, combined with a separate Great Britain beef quota, present a significant opportunity for it to begin exporting to the US market from January 2026.
It said that as several of its facilities already hold USDA approval, it is well positioned to capitalise on this development. Foyle’s facility in Donegal was certified to export beef to the US in 2015, while the Campsie site was not approved until 2020 due to delays in reaching an agreement on equivalence of standards between US and UK authorities.
Transatlantic beef trade has remained subdued in recent years, despite the approval of the factories for export, as there had been a shared quota between nations which was generally used up quickly by major exporting nations like Brazil. A UK-only quota would get around this problem for Foyle.
About Foyle Food Group
The business was originally established in the late 1970s with a cattle, sheep and pig processing plant in Campsie, Co Derry. The company expanded through acquisitions in the 1990s of abattoirs in Donegal and Tyrone, followed by the two English plants in 2012 and 2013. The business is focused on beef processing, with a capacity of 350,000 cattle annually across its five sites. It has a long-standing supply agreement with Tesco, as well as being a major supplier to McDonald’s.
Comment
The accounts produced by the company show, once again, that beef processing is a high turnover, low-margin business. The tightening of those margins in 2024 did not stop the company’s operation in the Republic of Ireland being one of the standout payers to farmers. Foyle’s Donegal factory dominated the Irish Farmers Journal factory league for 2024, with four top positions, four second-place positions and a third-place finish achieved across a mix of cattle.
The increased prices paid to farmers were driven by a strong beef demand from consumers, coupled with tight supplies in many countries. It remains to be seen how the market will change over the coming year, as South American beef starts to make inroads into the key UK market. However, with little debt and ambitions to expand into the lucrative US market, it would seem that the future for Foyle meats remains bright.
In brief:
Margins tighten at Foyle Food Group.Operating profit at £20.9m (€24.2m) on turnover of £530m (€613.5m).Ambitions for US sales. Steady focus on sustainability. Donegal plant one of the top-performing in factory league.
Operating profit at the Foyle Food Group slipped slightly to £20.9m (€24.2m) in 2024, from £21.6m (€25m) the previous year, despite turnover at the processor increasing by almost 8% to £530m (€613.5m) when compared to 2023. The operating profit margin at the group dropped from 4.4% to 3.9%.
Once tax, interest and depreciation were deducted and an adjustment for currency movement was made, the bottom-line profit for 2024 was £12.5m (€14.5m).
There was a dividend paid of £3.3m (€3.8m) during 2024, based on earnings for 2023.
There was a dividend of £1.7m (€2m) declared at the 2024 annual general meeting to be paid this year.
Foyle Food Group is controlled by the Acheson family.
The company processes up to 7,000 cattle per week at its facilities in Donegal in the Republic of Ireland, Derry and Tyrone in Northern Ireland, and Gloucester and Melton Mowbray in England.
The average number of employees at the group during 2024 increased to 1,381, with total staff costs rising by more than £5m (€5.8m) to £49m (€56.7m).
The directors’ statement accompanying the annual report said that they are satisfied with the result for the year, despite the challenging market conditions. They added that they will continue to monitor trading conditions, particularly the buy-sell margin and the working capital position of the group. Foyle incurred interest costs of £3.1m (€3.6m) during the year, a slight decrease on the previous year. The interest cost mostly arose from the use of an invoice discounting facility and bank overdrafts, as the group ended the year with almost no bank term loans.
Sustainability
The company said it surpassed its scope one and two targets in 2023, with a 27% reduction from its 2019 baseline. It said it continues to strive for energy reductions where available.
A 2023 installation of a state-of-the-art refrigeration plant at the Foyle Campsie site – which saw a 10% reduction in overall electricity use at the site – has been mirrored at the Foyle site in Donegal, with the project completed in early 2025, and with a similar reduction in electricity usage expected.
Foyle Food Group operates an anaerobic digestion (AD) facility at its Campsie production facility, which uses organic waste to make biogas – used to generate on-site electricity.
The company switched to 100% renewably sourced electricity in 2022.
US ambitions
The company said that the recent announcements surrounding US tariffs, combined with a separate Great Britain beef quota, present a significant opportunity for it to begin exporting to the US market from January 2026.
It said that as several of its facilities already hold USDA approval, it is well positioned to capitalise on this development. Foyle’s facility in Donegal was certified to export beef to the US in 2015, while the Campsie site was not approved until 2020 due to delays in reaching an agreement on equivalence of standards between US and UK authorities.
Transatlantic beef trade has remained subdued in recent years, despite the approval of the factories for export, as there had been a shared quota between nations which was generally used up quickly by major exporting nations like Brazil. A UK-only quota would get around this problem for Foyle.
About Foyle Food Group
The business was originally established in the late 1970s with a cattle, sheep and pig processing plant in Campsie, Co Derry. The company expanded through acquisitions in the 1990s of abattoirs in Donegal and Tyrone, followed by the two English plants in 2012 and 2013. The business is focused on beef processing, with a capacity of 350,000 cattle annually across its five sites. It has a long-standing supply agreement with Tesco, as well as being a major supplier to McDonald’s.
Comment
The accounts produced by the company show, once again, that beef processing is a high turnover, low-margin business. The tightening of those margins in 2024 did not stop the company’s operation in the Republic of Ireland being one of the standout payers to farmers. Foyle’s Donegal factory dominated the Irish Farmers Journal factory league for 2024, with four top positions, four second-place positions and a third-place finish achieved across a mix of cattle.
The increased prices paid to farmers were driven by a strong beef demand from consumers, coupled with tight supplies in many countries. It remains to be seen how the market will change over the coming year, as South American beef starts to make inroads into the key UK market. However, with little debt and ambitions to expand into the lucrative US market, it would seem that the future for Foyle meats remains bright.
In brief:
Margins tighten at Foyle Food Group.Operating profit at £20.9m (€24.2m) on turnover of £530m (€613.5m).Ambitions for US sales. Steady focus on sustainability. Donegal plant one of the top-performing in factory league. 
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