Horsemeat scandal hits profits at Arrow Group

The horsemeat scandal hit profits last year at one of the country’s largest food processors, the Co Waterford-based Arrow Group.

New figures show that pre-tax profits at Arrow Group Ltd last year declined by 20% from €2.96m to €2.34m.

The group, which employs 1,642 and is owned by brothers, Peter, John and Michael Queally, sustained the drop in profits in spite of group turnover up by 13% from €394m to €446.8m in the 12 months to Dec 31, 2012.