'Difficulties' in meat sector sees a 50% fall in profits at Goodman group's new partners
Linden Foods, one of Northern Ireland's biggest meat firms, has posted a fall in pre-tax profits of more than 50pc to £0.8m after it was hit by the "difficult economic climate".
Around 50pc of Linden Foods, which includes Kettyle Irish Foods in Co Fermanagh, was sold by Northern Ireland co-op Fane Valley last week to Irish meat giant ABP.
It is now co-owners of Linden Foods in a joint venture.
Linden Foods specialises in sourcing and processing beef and lamb for retailers and the meat-packing industry in the UK and Europe. One of its best-known brands is Kettyle Irish Foods, which specialises in dry-ageing beef in salt chambers. It sells a large amount of its beef to Marks & Spencer as own-brand product.
Linden Foods employs around 1,079 at Granville Industrial Estate in Dungannon, but it's headquartered in Moira along with the overall Fane Valley Group.
For the year to September 30, 2016, the company reported turnover of £182.7m, which was down 3.6pc from £189.5m
Pre-tax profits were also down from £1.7m to £794,713. But employee numbers were up 17%.
Linden Foods said it had maintained "steady growth" in some of its key export markets while making investments in new processing.