Turnover at one of the main companies in the Dawn Group, the Waterford-based food processor, rose by 7 per cent to €911.8 million in 2006, while profits trebled to €4.6 million, new accounts for the company show.
Operating profit at QDM, which covers a large part of the group's operations, almost doubled to €8.1 million. QDM transferred €2.9 million to reserves at the end of 2006, bringing retained profits to €59.7 million.
The firm is owned by the Queally family.
The Dawn Group processes 500,000 cattle and 1.5 million lambs every year and is part of the Queally Group, which claims to be the largest privately owned agri-business in Ireland. The group produces 200,000 tonnes of meat products every year, including 55,000 tonnes of food packs which are delivered to supermarkets across Europe.
Directors Peter and John Queally described 2006 as "a difficult year in the sector", according to the accounts.
Turnover at QDM excludes sales taxes and intra-group transactions, and covers the slaughter of cattle and sheep, the processing and distribution of meat, the rendering of byproduct and food production.
Founded in 1980, the group has packing plants across Ireland and Britain and has distribution and sales operations in Ireland, Britain, France, Italy, the Netherlands and Spain.
The number of employees at QDM fell from 2,652 to 2,622 in 2006, while the wages bill jumped from €74 million to €78 million during the year. Directors received remuneration of €437,000, up from €266,000 the previous year. Expenditure on research and development fell from €1 million to €878,000.
QDM's meat and cattle stocks were valued at €34.9 million at the end of 2006, up from €29 million the previous year. The company had bank borrowings of €56 million at the end of the year, compared to €59.4 million the previous year. QDM had shareholders' fund of €61.5 million at the end of 2006, up from €57.6 million the previous year.
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