Mr Larry Goodman and his family interests received dividends last year of £1.1 million (€1.4 million) from Irish Food Processors (IFP), the company formed in 1995 to buy back Goodman International from its banks.

The Irish Food Processors results for the year to March 1998, reported in this week's Irish Farmers Journal, show that shareholders received £2.5 million in dividends, with Mr Goodman's 45 per cent of IFP meaning that he received £1.1 million.

The McCann family, which runs the Fyffes fruit and vegetable group, received dividends of £430,000 for its 17.2 per cent stake. Mr Jim Gleeson and Mr Pat Gleeson, who own 16.9 per cent of IFP through their Swiss-based Glibro investment company, received £420,000. Two Louth businessmen, Mr Brendan McDonald and Mr Jim Monaghan, who also supported the 1995 buyout, received dividends of £300,000 and £230,000 respectively.

The 1998 results for IFP show that sales rose marginally from £665 million to £680 million (€863 million), but that there was a substantial shift in the balance of the business, with almost 60 per cent of sales in the UK compared to 54 per cent in the year to March 1997. Irish sales fell from 20 per cent of the total to 14 per cent.

Excluding once-off gains, underlying operating profits were little changed at £12.2 million, giving IFP operating margins of just 1.8 per cent. When exceptional gains relating to the adding back of provisions no longer required and the removal of liabilities no longer a threat are included, IFP had pre-tax profits of £17.7 million. Accumulated tax losses meant that IFP had no tax bill.