THE Omagh-headquartered Foyle Food Group saw its profit level cut last year, despite turnover rising to almost half a billion pounds.
Revenues at the red meat processor increased by 17.6 per cent to £482 million for the year ending December 31, 2022.
But the group's pre-tax profit dropped by £1.5m year-on-year to £9.3m.
Foyle Food's directors attributed it to “challenging market conditions… in particular the buy-sell margin and working capital position”.
An increase in cattle prices and rising operating costs including energy price surges, packaging and haulage costs can also be attributed to the dent in profits, they said.
In February this year, it was reported that the company would make a switch to 100 per cent green electricity from Electric Ireland, as part of its plans to reduce scope 1 and 2 emissions by 28 per cent by 2030.
That switch is expected to reduce seven per cent of its emissions this year alone.
The company has eight directors and one non-executive director. Five of those directors are from the Acheson family, which has operated the business for more than 40 years.
Foyle Food Group’s specialist products include steak, mince, burgers, as well as offal products for both the retail and catering sectors.
It also has a range of premium ‘restaurant-ready’ products under the Foyle Gourmet line.
It is a key player in the global beef supply chain with exports an integral part of the business.
Employee costs for the year sat at £43m, up from £38.8m the previous year.
There were 1,340 employees, including directors, on the books in 2022.
The company also said it received £308,846 in Government grants for the period.
