Arrow bounces back to profit
Published 02/12/2015 | 02:30
One of the largest food processors in the country, the Arrow Group, last year bounced back from the impacts of the horsemeat scandal to record pre-tax profits of €19m.
New figures show that Arrow Group Ltd's pre-tax profits of €19m followed pre-tax losses of €11.27m in 2013 - a positive swing of €30.27m.
The group, which employs over 1,590 people and is owned by brothers Peter, John and Michael Queally, enjoyed the return to profit after revenues increased by 6pc - going from €432.4m to €446m.
In 2013, certain group subsidiaries were impacted by the European beef mislabelling issue which significantly reduced demand and price for some of the group's beef products and frozen ready meals
One of the firm's subsidiaries, QK Meats apologised in May 2013 for its handing of the horsemeat scandal.
In a report, the Department of Agriculture strongly criticised QK Meats on how horsemeat got into Irish-made meat products, pointing out that QK knew it had equine DNA in some products imported from Poland from June 2012, but did not tell the authorities until later.
The company stated it never knowingly incorporated horsemeat into any of its beef products and pointed out no material that tested positive for equine DNA was allowed into the food chain.
Agriculture Minister Simon Coveney confirmed that QK Meats had broken no laws.