Beverley House sees pre-tax loss of €20.2m

Exceptional costs totalling £10.4m (€12.5m) pushed the company that operates frozen and chilled food firm Green Isle Foods into the red last year.

According to accounts just filed by holding company Beverley House (9000) Ltd for the Green Isle Food group, the group recorded a pre-tax loss of £16.9m (€20.2m) in the year to the end of April last.

This compares to the food group recording pre-tax profits of £18.1m in the prior 53 week period.

The company’s principal activity is the manufacture of chilled and frozen savoury food products, and the filings show that revenues at the group declined by 17% last year from £276.8m to £229.9m.

The directors state that “there has been a re-organisation of the group’s activities during the year, which will help drive future profitability improvement”.

The directors’ report stated that this occurred “mainly due to lower volumes”.

The exceptional costs last year related to £6.1m in re-organisation costs and £4.2m in an asset write-down.

Green Isle has its main Irish base at Naas, Co Kildare, and the figures show that the numbers employed at the group last year declined from 1,696 to 1,575.

The figures show that before the exceptional item is factored in, the group recorded an operating loss of £1.3m compared to an operating profit of £19.5m the previous year.

Net interest payments of £5m contributed to the group recording a pre-tax loss of £16.9m.

On Apr 2 the group had accumulated profits of £51.9m. Its shareholder funds of £71.3m included cash of £21.8m.

The loss last year takes account of non-cash depreciation costs of £11.1m and £1.2m in amortisation costs.

The figures show that the group’s staff costs decreased last year from £50.3m to £44.7m and the figures show that 1,289 were engaged in production, 144 in administration and 142 in distribution.

The company last year spent £2.6m on research and development. The directors did not recommend the payment of a dividend last year.

The Green Isle group is part of Boparan group after Boparan Holdings purchased Green Isle’s former owners, Northern Foods, last year.