Increased revenues help Killybegs Seafoods increase profits by 60%

Pre-tax profits at one of the largest fish processors in the country, Killybegs Seafoods, increased by 60% last year to €3.9m.

The upsurge in profits follows revenues at Killybegs Seafoods Ltd increasing by 18% from €23m to €27.3m in the 12 months to the end of March 31 last year.

The Co Donegal firm was established in 1968 and is one of the main processors and exporters of pelagic fish, specialising in mackerel, herring, horse mackerel and sprat.

Killybegs is the centre of the Irish fish processing industry and the figures returned underline the success of Killybegs Seafoods over the years.

The figures show that the firm had accumulated profits of €31.3m at the end of March. Its total shareholder funds of €32.2m includes €13.4m in cash.

The pre-tax profit last year of €3.5m follows pre-tax profits of €2.2m in fiscal 2010.

The filings show that the company approved a dividend payout last year of €800,000 and this followed a €800,000 payout in 2010.

The company’s largest shareholder is director Sean McGuinness.

The factory premises at Killybegs has the capacity to store 800 tonnes of chilled fish and 6,000 tonnes of cold storage space.

The figures show that the firm’s profits take account of €625,371 in depreciation costs.

All of the company’s revenues last year were derived from fish sales.

The accounts do not disclose the numbers employed at the firm, but confirm that the firm’s employee costs last year declined from €2.2m to €2.1m.

The figures show that aggregate emoluments for the four directors, Sean McGuinness, Seamus Tully, John McGuinness and Eamon McGuinness increased from €544,767 to €560,296.

The filings show that €200,000 was paid out in aggregate directors’ fees – the same level as 2010 — with aggregate remuneration increasing from €289,767 to €302,296. Pension contributions increased from €55,000 to €58,000.

The company paid corporation tax of €431,468 compared with €314,101 in 2010.

The firm owed its directors a total of €2.47m at the end of March 2011 — an increase of €278,000 on the €2.197m owed to directors at the end of March 2010.

The firm’s cost of sales last year increased from €17.7m to €21.1m with the company’s administrative expenses decreasing from €2.7m to €2.46m.

The figures show that the firm’s operating profit increased by 42% going from €2.6m to €3.7m.

A loss on the sale of an investment of €285,714 in 2010 did not re-occur last year. The figures show that the firm generated €189,174 in interest income last year compared to €135,008 in 2010.