Liffey Meats sees profits treble to €1.44 million
Accounts just lodged at the Companies Registration Office for the company for the year to end June 2004, show pre-tax profits increased to €1.44 million from €507,801 in 2003.
The profits came on the back of a strong rise in turnover, which was up by more than €20 million to €99.3 million.
A note to the accounts said: “The group has continued to develop its market and sales capability in order to consolidate its market presence in all major European markets. In addition it has continued the policy of developing relationships based on specialised products combined with responsive services.
“The policy of maintaining the plant to the highest possible international standard is also continuing.”
Liffey Meats, which is based in Ballyjamesduff, slaughters around 140,000 tonnes of cattle every year and is one of the largest meat processing companies in the country.
During the year the company added to its workforce, taking the total to 228 from 201. The increase pushed up its wages bill for the year by almost €1 million to €5.5m. Company directors, Frank and Carol Mallon, were paid €107,046 in fees for the year. The dividend for the year was increased to €11,659 from €2,811. The only shareholders are Mr Mallon and his wife.
Retained profits at the firm rose to €9.4m at the end of the last financial year, shareholders’ funds were €18.4m.
The accounts also show that Liffey Meats is owed over €600,000 from Spawood Farms, a company owned by Frank Mallon.
