C&D Foods profits rise despite job cuts

THE pet food company owned by former Taoiseach Albert Reynolds and his family increased its profits in 2006.

Newly filed accounts for C&D Foods, founded by the former Fianna Fáil leader in 1969 and now run by his son Philip, show pre-tax profits of €6.3 million, up from €2.4m in 2005.

However, the increase in profit is mainly the result of an insurance compensation of €4.2m following a fire at its canning facility in Edgeworthstown, Co Longford which, in 2006. The fire destroyed 60% of the 100,000sq ft factory and forced the company to lay off hundreds of workers.