Lynas Foods, which is also the parent company for Lynas Foodservice, is registered in Coleraine. Some years ago the shareholders re-registered the parent company as an unlimited business. In recent years the group has been trading successfully with a large increase, year by year, in turnover.
Last year, the company announced its plan to take over Co Down-based Supreme Foods as part of its retail expansion plans.
The principal activity of the group is the supply of frozen, chilled and ambient food products.
The group report notes that a proportion of its trading is conducted in euros, meaning that it constantly monitors the cost of foreign currencies to protect from any adverse effect of currency fluctuations.
Consistent with the increasing levels of turnover, operating and pre-tax profits have improved, although last year profits fell slightly.
A feature of the changes in the annual accounts has been an annual series of payments to redeem holdings of preference shares.
The annual adjustments were £664,000 in 2015, £390,000 in 2016 and £5,307,000 in 2017.
While the value of preference shares has reduced to £9.3m by October 2017, with the retention of post-tax profits, the balance sheet value of shareholders’ funds increased to reach £15.1m in October 2017.
Bank borrowing and other loans, after the repayment of preference shares, increased by £5.6m during 2017.
Employment in the group has risen significantly in the last two years from 375 people in 2015 to 490 people more recently.