Ly­nas Foods

Belfast Telegraph - Business Telegraph - - News -

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.

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