Foyle Food Group

Belfast Telegraph - Business Telegraph - - Analysis & Company Report -

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.

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