Processors land a healthy €4.1m profit

Pre-tax profits at one of the largest fish processors in the country, Killybegs Seafoods increased by 7% last year to €4.1m.

The increase in profits follows revenues at Killybegs Seafoods Ltd increasing by 35% from €27.3m to €37m in the 12 months to the end of March last year.

The Co Donegal firm was established in 1968 and is one of the principal 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 Ltd over the years.

The firm’s total shareholder funds of €34.6m includes €7.8m in cash.

The company approved a dividend payout last year of €1.2m.

Its largest shareholder is director Sean McGuinness.

Profits take account of €748,465 in non-cash depreciation costs.

All revenues last year were derived from fish sales. Employee costs last year increased from €2.1m to €2.34m.

The aggregate emoluments for directors, Sean McGuinness, Seamus Tully, John McGuinness and Eamon McGuinness decreased from €560,296 to €554,328.

The filings show that €200,000 was paid out in aggregate directors’ fees — the same level as 2011 with aggregate remuneration decreasing from €302,296 to €296,328. Pension contributions remained static at €58,000.

The company paid corporation tax of €568,271 compared to €431,468 in 2011.

The firm owed its directors a total of €2.77m at the end of Mar 2012 — an increase of €304,000 on the €2.47m owed to directors at the end of Mar 2011.

The firm’s cost of sales last year increased from €21.1m to €30m with the company’s administrative expenses increasing from €2.46m to €2.86m.

The figures show that the firm’s operating profit increased by 3%, going from €3.78m to €3.89m.

The firm generated €203,876 in interest income last year compared to €189,174 in 2011.