Over €10m in profits for Pallas Foods

PALLAS FOODS, the Limerick-based group sold to US giant Sysco for a reported €200 million, made over €10 million in profits last year.

Pallas, the Republic’s biggest food distribution and service group, had sales of €158.2 million in the 12 months ended July 3rd last year, latest figures show.

The figures for the previous year are for nine months ended June 27th, when Pallas had sales of €110.7 million. On a like-for-like basis, the 2010 revenues were up 10 per cent.

Pretax profit trebled on a like-for-like basis to €10.46 million. The group paid over €1.5 million in tax and recorded a profit for the year of €9 million.

The group had net assets of €41.3 million in July last year. It owed creditors €26 million, but the vast bulk of this, €22 million, was due to trade creditors. It had no bank debt and there was a €160,000-plus sum due under a finance lease.

Two years ago, US giant Sysco bought Pallas for an undisclosed sum from its owners, the Geary family. The deal was subsequently valued at €200 million, but the figure was not confirmed.

The Geary family continue to run the business and it now employs 500 people.

Sysco is listed on the New York Stock Exchange and is based in Texas. Pallas was its first acquisition outside the US.

The multinational had sales last year of €37 billion and net profits of €1.18 billion.