Profits at Goodman British firm top €21m

PROFITS AT a British arm of Larry Goodman's meat processing operations topped €21 million last year, according to the latest figures.

Anglo Beef Processors, which supplies UK retailers like Sainsbury and Asda, had pre-tax profits of £16.7 million (€21.2 million) in the 12 months to April 1st, 2007, accounts recently lodged with the British companies registrar show.

The figures marked a significant improvement on the previous 12-month period when just £1.3 million in profit was recorded.

Turnover grew by more than 4 per cent to £575.3 million in 2007 from £551 million a year earlier, the figures show.

Operating profits before once-off costs were up more than 33 per cent to £18.8 million last year from £6 million in 2006.

The company made a profit of £4.3 million on property sales during the 12-month period, compared to £533,000 the year before.

Anglo Beef Processors paid its directors £434,000, a sharp reduction on the £785,000 they received the previous year.

The accounts also show that its parent, Irish Food Processors is due to begin repaying €62 million to US banks from next year, according to accounts lodged by part of the group.

Irish Food Processors raised $125 million (€79.5 million) through a series of loan notes placed with US institutional investors in December 2005.

Under the terms of the deal with the US lenders, it has to begin repaying $97 million (€61.7 million) of this in instalments, beginning in December of next year.

Anglo Beef has processing facilities in the UK, including at Ellesmere in Shropshire, and sells its meat to high-profile grocers such as Sainsbury and Asda. Its products include organic beef.

Irish Food Processors recently bought Kent-based sausage producer, WA Turner for an undisclosed sum.

Irish Food Processors have 28 plants in Ireland and Britain. Anglo Beef handles 18 per cent of beef carcasses produced in the UK. According to recent reports, it invested £100 million in the 2007 calendar year in its operations.