Fish exporters see pre-tax profits rise to €2.2m

One of the country’s largest fish exporters, Sean Ward (Fish Exports) Ltd increased pre-tax profits by 17% to €2.2m last year.

This follows revenues at the Killybegs-based firm increasing by 24% from €22.2m to €27.7m in the 12 months to the end of July 31 last. At the end of July last, the firm has accumulated profits of €15.1m.

The firm has been located in Killybegs for more than 20 years and specialises in the processing of pelagic fish: mackerel, herring, blue whiting and sprat with the company exporting to Europe, Africa, Russia and the Far East, including China.

The firm is one of the largest exporting companies operating in Ireland’s seafood industry which contributes about €700m annually to national income and employs 11,000, people with Killybegs the largest fishing port.

The firm has also two state-of-the-art factories and has blast-freezing capacity for 500 tonnes per day along with cold storage for 12,000 tonnes.

Last year, the firm’s cash increased from €1.9m to €2.7m and shareholder funds at the end of July last totalled €16.2m.

The profit last year takes account of non-cash depreciation costs of €830,778.

The figures show that the firm’s operating profit increased by 20% from €2m to €2.45m.

The figures show that the firm’s lower pre-tax profits is attributable to higher bank net interest payments last year of €177,757 compared to €98,280 interest payments in 2010.

The filings show that the firm’s cost of sales last year increased from €18m to €22.9m, with the firm’s gross profit increasing from €4.1m to €4.8m.

The firm’s distribution costs last year increased from €1.48m to €1.56m with administrative expenses increasing from €638,057 to €829,367.

The figures show that the firm increased revenues and profits in spite of its workforce reducing during the year from 46 to 34.

The filings show that the firm’s employment costs declined from €1.6m to €1.3m.

Emoluments to directors last year increased from €365,745 to €394,827. The firm’s tax bill last year amounted to €299,575.


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