Glenfarm profits up 23%

Glenfarm Holdings, the agricultural co-op which owns Ulster Farm By-Products, Lisburn Proteins and Ballymoney Foods, has reported strong profit growth and has made its first investment in England with the acquisition of a controlling stake in Fats & Proteins. Last year, an increase in sales volumes at Ballymoney Foods and record first-quarter throughput of cattle at Lisburn Proteins were the main contributors to a 29 per cent increase in sales to £18 million sterling and a 23 per cent rise in profits to £2.95 million.

"During 1999, the amount of material processed at Lisburn Proteins was at a record level. There was a backlog of over 30 months' cattle on farms at the end of 1998 and this led to unexpected volumes at Lisburn in the first four months of 1999," said Glenfarm's chief executive, Mr Geoffrey Conn.

He also said Glenfarm had formed a joint venture with Lancashire businessman Mr Geoffrey Metcalfe, which has bought Fats & Proteins, a Lancaster-based animal rendering company from a company controlled by the Metcalfe family.