Arrow Group profits plunge 70%

PRE-tax profits at the Queally brothers’ food processing business Arrow Group have fallen by almost 70% from €14.9 million to €4.7m.

However, turnover at the Waterford-based company in the 12 months to the end of December 2008 increased by 5% to €416.5m from €396.8m a year earlier. No dividend was paid and the company transferred all post-tax profits of €3.16m to reserves.

The company’s cashflow fell dramatically, down from €27.2m in 2007 to €10.01m in 2008, according to accounts filed with the Companies Registration Office.