Heinz Irish business feels the heat from discounters

The Irish arm of food giant, Heinz has blamed the increasing impact of discount retailers here for contributing to a 8.4% drop in its Irish business last year. 

New accounts filed by HJ Heinz Manufacturing Ireland Ltd show that pre-tax profits declined by 75% from £11.4m (€14,4m) to £2.87m in the seven months to the end of December last.

Revenues last year declined by 42% from £90.76m to £52.85m — the chief factor behind the sharp drop in revenues and profits was the accounting period for seven months as opposed to 12 months in the previous period.