Consolidated accounts for Wexford Beef and Lamb Unlimited show a profit after expenses but before tax of €4.06m for the 18 months to March of 2022.

After tax, the net profit was €2.61m. The dividend of €5.3m that the company paid to its sole shareholder was more than double that post-tax profit.

Comparing pro-rata with the previous period, the pre-tax profit showed a 15% decline from the €3.2m in the 12 months to September 2020. Turnover increased, pro-rata, by 16%.

The gross margin (turnover minus cost of sales) slipped from 11.5% to 11%, while net margin came in at an incredibly slim 0.4%.

This compares to figures closer to 4% net profit margin for large international processors.

The accounts published gave no breakdown of cost of sales, distribution or administration expenses.

Notes to the accounts stated that the directors of the company felt that disclosure of geographical or segmental information on the group’s business would be “seriously prejudicial to the interests of the group”.

The group operates facilities at Camolin and Bunclody in Co Wexford, Navan in Co Meath, and Liège in Belgium.

During the period, the group made a loss of over €500,000 on the disposal of subsidiary companies to fellow group companies.

The average number employed at the group dropped from 1,008 to 929 during the period, while the average salary held steady ?at just below €32,500.

The company paid a dividend of €5.3m to its shareholders.

The accounts note that the Goodman Family Trusts, or entities controlled by them, have a beneficial interest in 100% of the share capital of the ultimate parent company of the group paying this dividend.

The biggest difficulty in judging these accounts is contained in footnote 24 of the published numbers, which says: “The company has availed of the exemption in FRS 102.33.1A from the requirement to disclose transactions with wholly owned subsidiaries of ABP Food Group Limited.” Basically, this means there is no clarity on sales prices to, or costs from, other companies in the group.

This lack of clarity is unfortunate as without it, a fair assessment of these accounts –other than Goodmans’ multimillion euro payout – is impossible.