Employing 1,271 people across two beef processing sites in Northern Ireland, as well as two in Britain and one in Donegal, the Acheson-owned company recorded a 35% decline in pre-tax profits to £2.57m (€2.86m) for the year to 31 December 2018. Turnover in 2018 was up 2.7% to total £361.4m (€402.2m), leaving an operating profit margin of 1.2%. Despite the lower profits, directors note that they are “pleased” with the performance given the prevailing beef market.

Since the end of the financial year, Foyle has closed its Cookstown deboning operation and re-financed its entire debt facilities with US bank, PNC Financial Services Group Inc. The accounts show that it had £12.1m (€13.5m) in bank loans at the end of the financial year.