Monaghan Middlebrooke Mushrooms back in black with profits of €1.1m

MONAGHAN Middlebrooke Mushrooms, one of the largest producers of fresh mushrooms in Europe, swung back into the black last year.

Accounts for the firm which have just been filed at the Companies Registration Office (CRO) show that it made pre-tax profits of just over €1.1 million in 2004. This reverses the €4.6 million loss it recorded in the 16 months to the end of 2003.

The figures were helped by the inclusion of profits from Carbury Mushrooms, with which it merged in May 2004. Turnover for 2004 was €126 million compared with €149 million in the previous 16 months. Included in the turnover figure is €14.9 million of Carbury sales.

A breakdown of turnover show sales of mushrooms were €98 million in 2004 with sales of compost and other horticulture products totalling €28.7 million.

Around 80% of the company’s sales are in Britain with the rest in Ireland.

The turnaround in the company’s fortune’s during the year was reflected in its balance sheet, with shareholders funds increasing from €2.4 million to €9.3 million. And profits for the year would have been even higher had the company not had to take a €2.5 million charge on the recognition of a pension liability.

The company employed 1,327 at the year end, an increased of 235. The wages and salary bill for the year came to €20.9 million.

Monaghan Middlebrook Mushrooms was formed last year following the merger of Monaghan Mushrooms and Carbury Mushrooms, which was a joint venture between the listed Donegal Creameries and Connacht Gold Co-Operative Society. The latter two companies own 40% of the enlarged group between them. No dividend was out to shareholders last year.