Over £20m of profit at Foyle Food Group

Omagh-headquartered Foyle Food Group recorded an operating profit of £20.93m for the year ending 31 December 2024.

The Acheson-owned company which specialises in beef processing, saw profits down slightly on the record high of £21.56m in the previous financial year, mainly due to the impact of higher costs, including for cattle.

While turnover for the last financial year was up 7.8% at £530.28m, the cost of sales increased by 8.4% to £480.7m. Despite the higher costs, operating profit margin in 2024 was still at a healthy 3.9%, down from 4.4% in 2023.

In the notes to the accounts, the company directors said they were “satisfied” with 2024 performance, given challenging market conditions, including in relation to the margin between buying and selling beef.

“The buy-sell margin has been impacted by the increase in cattle prices particularly prevalent in the last quarter of the year and this trend has continued into 2025,” the Foyle directors stated.

Sites

Foyle Food Group operates across five main slaughter sites, including Campsie and Omagh in NI, Donegal in the Republic of Ireland and Melton Mowbray and Gloucester in England. It has 1,381 employees.

Looking at Foyle accounts over the last six years, it is notable how the Achesons have grown the value of the company. In 2019, Foyle Food Group had a net asset value of £27.15m. This has increased to £73.46m in the latest set of accounts. See page 28 for more.