Profits at beef processor, Liffey Meats, almost trebled to €1.4m (US$1.7) last year, according to the Irish Times.
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Liffey Meats is one of the bigger beef processors in Ireland, along with Anglo Irish, Dawn Meats, Kepak, Slaney Foods and Exel.
According to accounts for the group’s holding company, Touleen Ltd, filed with the Companies’ Registration Office, turnover at the Cavan-based company in the year to the end of June 2004 grew to €99.4m from €78.5m the previous year.
Cost of sales grew by 26% to €89.1m from €70.6m, largely reflecting an increase in beef prices in 2004 over that paid to farmers in 2003. Gross profits grew in line with turnover to €10.2m.
Pretax profits were €1.44m, a 190% increase on the €507,000 recorded in 2003.
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By GlobalDataA €64,000 corporation tax charge left it with a gain for the financial year of €1.376 million. In 2003, the group benefited from a €113,000 tax credit, which resulted from losses in the previous two years. That lifted 2003 profit to €621,000.
Earlier this year, the group struck a €5m deal to sell fillet beef to the 1,500 outlets of Intermarche, France’s fourth biggest supermarket chain.
