Pre-tax profit at Foyle Food Group rises to £4.1m

The family-owned Foyle Food Group enjoyed a pre-tax profits surge last year pushing it to a high of more than £4.1 million (€4.6 million), its latest annual accounts show.

Turnover at the fourth-generation Northern Ireland group, which is controlled by the Acheson family, also increased by more than 3 per cent to £306 million (€347 million) in the 12 months to December 2016.

The business supplies beef to retailers, manufacturers, food service companies and butchers across the world. Its ultimate parent company is Omagh-based Faughan Ltd.

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Headquartered in Campsie, Derry, Foyle Food Group is one of the North’s largest meat processors and operates a number of different subsidiaries including Foyle Hilton, Foyle Donegal and Foyle Gloucester.

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Last year it grew its net assets to more than £17.4 million (€19.7 million) and increased its workforce to 1,033 people.

The accounts contain details of an exceptional item of £638,016 (€725,401), which relates to the waiving of a loan from Hilton Meats (Cookstown), which is also a subsidiary of Faughan Ltd.

The group’s directors state they were “pleased with the result for the year and the group position at year end” and remain committed to a capital investment programme to “provide high quality products and services to its customers”.