Pallas Foods profits double

Pallas Foods profits double

Pre-tax profits at the main firm of the country’s largest food service wholesaler Pallas Foods, more than doubled to €10.7m last year.

Accounts filed by Limerick-based Pallas Foods Unlimited Company show it increased pre-tax profits by 111% as revenues increased by 10% to just over €352m in the 12 months to the end of June.

Numbers employed by the firm last year increased by 131 to 1,015 as staff costs increased to €44m.

The unlimited entity last filed accounts to the Companies Office in 2008.

The company’s revenues have increased more than threefold since 2007 when revenues of €116m were recorded.

Numbers employed have almost tripled since 2007 where 386 were employed at the time.

According to the directors’ report, the company had another strong performance in 2018.

The directors said that in achieving the turnover, “the company has focused on increasing sales with existing customers through offering a wider range of products and improving the quality of service and securing new contracts”.

The directors said the company has been successful in maintaining its gross margin level period on period.

They said: “This measure is a critical factor in the assessment of the company’s performance and a favourable result has been maintained through a rigid cost- management process, strong relationships with company suppliers and changes in product mix.”

Of the business’s 2018 revenues, €316.4m was generated in the Republic and €35.7m in the North.

The profit last year takes account of foreign exchange losses of €2.6m and non-cash depreciation costs of €5.3m.

Total pay to directors amounted to €534,045.

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