Northern meat processor Foyle Food Group saw a £4 million increase in pre-tax profits over the last year despite “challenging” market conditions.
The accounts for Foyle Food Group Limited cover the year ended January 1, 2021, and report profits of £9.2 million, an increase of £4 million or 77% on the year before.
The strategic report stated directors were “pleased” with results for 2020 despite the very challenging market conditions.
Sales increased 3% over the year and come on the back of a 2.6% increase the year before. Margins also grew slightly from 7.8% in 2019 to 8.4% last year.
It’s the second year in a row the company’s profits have soared, with pre-tax returns doubling the previous year from £2.6 million to £5.2 million.
Looking ahead for Foyle Food Group
The group, which employs around 1,340 people, stated its long-term strategy is to create shareholder value through investments to position itself as a market leader, maximising volume growth and efficiencies.
However, it also warned of challenges facing agricultural markets, such as Covid-19 and Brexit.
To minimise the risk of a Covid-19 cluster, the firm introduced a rigorous daily deep cleaning regime and strict social distancing procedures across its sites.
Brexit remains a risk to the firm, however, the report said: “The group believes it is well-positioned to meet any challenges, and indeed maximise any opportunities within this changing marketplace.”