Pre-tax profits at a meat processing group owned by Larry Goodman last year increased by 27% to €4.05 million.
New consolidated accounts for the Goodman-owned Slaney Foods and Irish Country Meats businesses show that Wexford Beef & Lamb Unlimited Company (WBL) recorded the pre-tax profit after revenues increased by 75% from €357.9 million to €624.77 million in the 18 months to the end of March 27 last.
On a 12 month pro-rata basis, revenues increased by 16%.
Goodman group
In May of 2021, Larry Goodman’s ABP Food Group reached an agreement to acquire the remaining 50% holding in Fane Valley Co-Op’s ‘red meat’ business that included Slaney Foods and Irish Country Meats here.
The businesses had operated as a joint venture over the preceding five years.
The Slaney Foods group operates processing facilities at Camolin and Bunclody, Co Wexford, Navan, Co. Meath and Liege, Belgium.
The directors state that the operating profits of €5 million for the year was “a satisfactory out-turn” and they are satisfied with the year end position of group’s 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. The group recorded a post-tax profit of €2.6 million after paying €1.44 million in corporation tax.
Covid-19 impact on accounts
On the impact of Covid-19 on the business, the directors state that the group did not experience any significant ongoing disruption to the business from the pandemic.
The profits for the investment holding company last year take account of combined non-cash depreciation and amortisation charges of €7.64 million.
The WBL business recorded a gross profit of €68.63 million after cost of sales totalled €556.13 million.
Distribution expenses totalling €21.8 million and administrative expenses amounting to €41.75 million resulted 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 pre-tax profit.
Meat processing
The directors’ report attached to the accounts filed by WBL states that the group “is a significant supplier to high quality and long established premium retailers, food service providers and food manufacturers internationally”.
The group is engaged in the procurement and slaughter of cattle and sheep and the further processing of the meats with related products for sale on the home and export markets.
The directors state that the group is carrying on significant research and development activities that enable it to introduce new products and provide a superior quality product which is traceable, effectively marketed and competitively priced to major customers and suppliers to sustain consumer confidence.
The group’s cash funds at the end of March 27, 2022 totalled €13.2 million.