Atlantic Dawn profits top €25m

Atlantic Dawn Ltd, the company behind the super trawler of the same name, made profits of just under €26 million last year. Turnover at the company, which is owned by Mr Kevin McHugh, was €38 million compared to €30.5 million the previous year, reports John McManus

Gross profits of €15.6 million were boosted by operating income from unspecified sources of €18.7 million, according to the company's accounts which have been filed with the Companies Office.

Profit for the year after tax came to €25.78 million. The company declined to comment yesterday, but it is understood to have made significant profits from the sale of fishing vessel tonnage to other operators.

The accounts confirm that Atlantic Dawn Ltd made a settlement with the Revenue Commissioners during the year.

It followed an internal review "which related to the identification of previously unrecorded assets".

The size of the assets and associated tax settlement was not disclosed. The accounts show an increase in corporation tax payments from €301,802 to €5 million.

The company, which is based in Killybegs, in Donegal, operates two large factory trawlers, the MV Atlantic Dawn and its smaller sister vessel the MV Veronica. Other assets include a cold storage and fish sales business, Arctic Fish Sales, and two fish processing businesses, Arctic Fish Processing and Polar Fish.

The company also owns the Atlantic Dawn Seafoods fish processing business in Norway and has a 49 per cent stake in Sardi Sub, a fish processing business in Morocco.

The tangible assets of the business are valued at €90 million in the accounts, but the company has bank borrowings to the tune of €32.9 million.

The accounts show that the average number of employees was 165, of which 113 were employed in production. Directors remuneration was €148,529. No dividend was paid.