The business behind one of the biggest pig farming operations in the north has posted a pre-tax loss of £3.3 million in its latest financial results.
Dartan Hall Holdings, a group primarily involved in the production and raising of pigs for processing under the JMW Farms banner, said “a reduction in the market value selling price for pigs sold coupled with an increase in raw material costs needed for feedstuffs”, could be attributed to the drop.
The profit plunge starkly contrasts with the previous year’s £5m profit before tax.
Turnover for the financial year ending September 30, 2022, sat at £93m, which was £5m more than the previous year representing an increase of seven per cent but that rise did little to make a dent in the challenges facing the firm.
The bulk of its sales over the period were within the UK (£78m) with £15m ‘overseas’.
The business said given its nature, it was vulnerable to commodity price risk, in the form of animal feed.
Dartan Hall Holdings is headed by directors, Jim Wright, Mark Wright and Andrew Irwin. It employed 239 people over the financial period, eight more than the previous year.
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Wages and salaries were £7.7m for the year.
Looking at mitigating similar losses in its next statement, the report read: “The strategy of the group for the coming year will be to complete the development of several group sites with the aim of increasing product volumes.”
It added that research and development activity will increase efficiencies and improve profitability.
Dartan Hall Holdings also said investment will continue in its farms.
During the year, the group acquired Greencircle Renewables Ltd, which is not included in the figures.
Meanwhile, in 2021, it was revealed JMW Farms was behind plans to develop a £75 million automated pork processing plant in Ballymoney.
The project is centred on the site of the former Malton Bacon factory in Agivey, which was destroyed by fire in June 1998.
Causeway Coast and Glens Borough Council received a proposal of application notice (PAN) in May 2021 in the name of Bannside Foods.
The project has yet to progress beyond the pre-application stage.
