Seafood processor Errigal Bay returns to profit

Errigal Bay, a Co Donegal headquartered fish processor that employs about 200 and exports almost all its products, returned to profit last year.

The group, whose business is conducted through two subsidiaries, Earagail Eisc Teoranta and Kilmore Seafood Limited, recorded a pre-tax profit of €2.45 million, as against a €160,611 loss a year earlier, newly filed accounts show.

Revenue was marginally higher at €33.2 million, with the company reporting an operating profit of €2.6 million versus a €23,435 loss in the prior year.

A breakdown of turnover shows that just €570,000 in revenues were recorded in Ireland. Some €20.8 million in turnover derived from Europe, with a further €11.8 million coming from further afield.

Gross assets at the end of the year were €15.7 million and net reserves of €5.9 million. This compares to assets of €16.9 million and reserves of €3.58 million in 2014.

Errigal employed 186 at the end of last year, down from 196 people a year earlier. Staff costs, including wages and salaries, totalled €5.28 million as against €5.31 million in the prior year. Directors’ remuneration totalled €371,248.

Optimistic

The company said it was optimistic that business would “continue to improve for the foreseeable future as there is strong demand from existing markets along with potential demand in emerging markets”.

Errigal Bay is Ireland’s largest processor of wild Atlantic shellfish. The company has changed ownership a number of times over its history, although the current owners have been on board since 2007.

Established in 1962, it has processing plants in Carrick, Co Donegal, and Kilmore Quay, Co Wexford, with additional storage facilities in France. The group also has sales operations in Italy, Spain, Sweden, Britain, Portugal and China.

China is a particularly fast-growing market for premium Irish shellfish such as brown crab, langoustines, scallops and razor fish, with seafood exports increasing by over 300 per cent since 2011 to €18 million in 2013.