Foyle Food Group
FOYLE Food Group, with registered offices in Omagh, is one of the largest processors and wholesalers of meat products based in Northern Ireland.
It’s a wholly owned subsidiary of Faughan Ltd but trades in its own name. It is also the parent company of Leicestershire Quality Meats and Donegal Meat Processors.
Donegal Meat Processors is itself a subsidiary of Oaksilver — itself a holding company registered in the Republic.
Through common directors, the company is also a related party to Hilton Meats (Cookstown).
Since December 30, the group has purchased the remaining trade and assets of Hilton Meats (Cookstown) for a cash consideration of £1.65m.
The strategic report of the group says it will continue with further capital investment to provide high quality products and services to customers.
It points to challenges facing the agricul- tural markets, including sourcing supply and the challenge of competitors.
Group operating profits have recovered from losses incurred in 2013-14.
In 2015 operating profits at £4.8m, recovered from an operating loss of £4.1m in 2014.
Now in 2016 operating profits have improved further to £5.7m.
Pre-tax profits have recovered in 2015 and 2016 in parallel to operating profits. Pre-tax profits of £3.0m in 2015 increased to £4.1m in 2016.
Employment in the group has increased in each of the last four years, reaching an average of 1,042 people in 2016 after a low point in 2011 when employment fell to 704 people.
Since 2014 the balance sheet value of shareholders’ funds has improved sharply.
From a depressed level of £9.8m in 2014, they have risen to £17.4m at the end of 2016.
This has mainly been a consequence of the retention of post-tax profits in the group.
The scale of bank loans and bank overdrafts has been falling.
During 2016, the total bank loans and overdrafts outstanding fell by £4.8m.