Slaney Foods owner posts €3.1m pre-tax profit

The holding company of Slaney Foods - one of the meat processors being picketed by farmers as part of an ongoing protest over beef prices - generated a pre-tax profit of €3.12m last year, newly-filed accounts show.

Slaney Foods owner posts €3.1m pre-tax profit

The holding company of Slaney Foods - one of the meat processors being picketed by farmers as part of an ongoing protest over beef prices - generated a pre-tax profit of €3.12m last year, newly-filed accounts show.

Slaney Foods and sister company Irish Country Meats, which processes sheepmeat, are subsidiaries of Wexford Beef and Lamb Unlimited (WBL), which is co-owned by Larry Goodman's ABP Food Group and Dungannon-based Linden Foods. ABP and Linden each own 50% of WBL.

The accounts show that WBL generated revenues of €339.6m in the 12 months to the end of last September.

Numbers employed by WBL last year totalled 972 with staff costs amounting to €33.13m. Last year's profit takes account of combined non-cash depreciation and amortisation of €5m.

The WBL business recorded a gross profit of €76.12m after cost of sales totalled €263.48m.

The group made an operating profit of €3.4m. WBL operates procurement and processing facilities at Camolin and Bunclody in Co Wexford, Navan in Co Meath and Liege in Belgium.

It is engaged in the procurement and slaughter of cattle and sheep and the further processing of the meats with related products for the sale on the home and export markets.

The company said that a hard Brexit has the potential to "adversely impact the group’s industry".

It said it has strategically and financially considered the impact this may have on the group and has put provisions in place to manage this.

As of the end of last September, the business was sitting on shareholder funds of €62.95m.

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