The family owned Foyle Food Group has reported a €2.3 million drop in pre-tax profits to €11.1 million for 2022, chiefly blaming an increase in costs.
It is one of the largest red meat processors in the UK and employs more than 1,350 people at its sites in Northern Ireland, England and the Republic of Ireland.
In its latest set of financial results the Omagh-headquartered group, which has been in business for more than 40 years, said there had been “very challenging market conditions” throughout 2022.
The Foyle Group said in particular the “buy-sell margin” had been impacted by an increase in cattle prices and that “rising operating costs heavily linked to energy costs” had also been a significant factor last year.
It has a working relationship with 11,000 farmers and has highlighted that it has “a closed supply chain” served by producer clubs including Blackmoran Angus producers, Glenslieve Hereford producers and Redman Limousin producers.
The latest results show that the group’s turnover rose by 17.6% year on year to more than €482 million.
Cattle prices
Its directors stated that they were pleased with the “improvement” in the company’s key performance indicators for the year despite the “very challenging market conditions and increases cost”.
“The increase in turnover is heavily linked to the increase in cattle prices that have been prevalent throughout the year,” they added.
The Foyle Food Group’s key divisions include primary processing, further processing, four butchery facilities and an ingredients and retail packing factory.
Its net assets stood at more than €52.3 million by December 31, 2022.
However, the Co. Tyrone group, whose business operates across four key divisions, detailed in the latest accounts that both its distribution and administration costs had risen in 2022.
It also noted that its energy emissions were reduced last year and again underlined its commitment to “certified renewable electricity” at all of it locations.
“Reducing our carbon footprint and limiting our impact on the environment are key focuses,” it stated.
Earlier this year the Foyle Food Group said it was moving to 100% renewable electricity and plans to cut its emissions by 28% by 2030.
