Poultry processor in profit turnaround

JAMES CREAN, the poultry processing group owned by Ray McLoughlin, made a profit of €3.2 million in 2004, reversing the €2m loss of the previous year.

Accounts just filed for Monset, Crean’s parent entity, show that the company, which had been listed on the Irish stock market until 2001, sold off its US frozen meals business for €8.2m. The company booked a loss of almost €900,000 on the sale. The sale of Freezer Queen came as the business saw a substantial fall in sales.

According to Crean’s accounts, the business had sales of €40m last year, down €10m on the 2003 figure.