Monaghan Mushrooms lost €3.7m
The company said pre-tax losses in the 16 months to end December 2003 were €3.7 million compared to a profit of €15m in 2002.
The results do not include any figures from its merger with Carbury Mushrooms last year. Monaghan merged with Carbury Mushroom in June 2004.
Sales for the period were ahead at €149m compared to €129m in 2002. However, it is difficult to make a direct comparison of the figures as the previous year end was to 31 August 2002. A breakdown of turnover shows its Irish turnover was €30m for the 16 months, while sales in Britain were €118.4m.
At the end of 2003, the company had retained profits of €11.8m and cash in the bank of €803,000.
During 2003, Monaghan reduced its workforce from 1,178 to 1,092. The wages bill for the period went up from €20m to €25.7m, though the increase is due to the extended accounting period.
