Pretax profit at Larry Goodman firm rises 27%

Pretax profit at a meat-processing group owned by Larry Goodman last year increased by 27 per cent to €4.05 million.

Consolidated accounts for the Goodman-owned Slaney Foods and Irish Country Meats businesses show that their parent company, Wexford Beef & Lamb Unlimited (WBL), recorded the pretax profit after revenue increased by 75 per cent from €357.9 million to €624.77 million in the 18 months to the end of March 27th last.

In May of 2021, Mr Goodman’s ABP Food Group reached an agreement to acquire the remaining 50 per cent holding in Fane Valley Co-Op’s red meat business that included Slaney Foods and Irish Country Meats.

The Slaney Foods group operates processing facilities at Camolin and Bunclody, Co Wexford, Navan, Co Meath and Liege in Belgium.

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In a note with the accounts the directors said the operating profit of €5 million for the year was “a satisfactory out-turn” and they were satisfied with the year-end position of net assets of €61.2 million.

Numbers employed reduced from 1,008 to 929 and staff costs over the 18 months totalled €49.58 million.

The company paid out dividends of €5.3 million. It recorded a post-tax profit of €2.6 million after paying €1.44 million in corporation tax.

On the impact of Covid-19 on the business, the directors said that thankfully the group had not experienced any significant ongoing disruption to the business from the pandemic.

The profits for WBL last year took account of combined non-cash depreciation and amortisation charges of €7.64 million.

The business recorded a gross profit of €68.63 million after cost of sales totalled €556.13 million.

Distribution expenses totalled €21.8 million and administrative expenses amounted to €41.75 million, resulting in an operating profit of €5 million.

Finance costs of €408,000 and a €567,000 loss on the disposal of a subsidiary to a fellow group company resulted in the €4.05 million pretax profit.

The accounts said the group was “a significant supplier to high-quality and long established premium retailers, food service providers and food manufacturers internationally”.

The group’s cash funds at the end of March 27th totalled €13.2 million.