Fish processor's profits sink by 51pc
Published 11/06/2015 | 02:30
Pre-tax profits at one of the country's largest fish processors, Errigal Seafood decreased by 51pc to €216,501 in 2013.
Accounts filed by Earagail Eisc Teoranta with the Companies Office show that the firm recorded the drop in profits in spite of increasing revenues by 4pc or €935,000 from €24.076m to €25.011m.
According to the directors' report for the 12 months to the end of December 2013, "the business delivered a positive set of results in an extremely challenging economic climate".
The directors' report adds that "despite a very challenging global economic backdrop the business performed reasonably well. The business increased its range of export markets and further increased its range of product offerings".
The accounts show that the firm's revenues were boosted by a significant increase in export trade to 'rest of the world' countries.
In 2013, the firm sold more than doubled to 'rest of the world' countries at €8.7m compared to the €4.2m it sold to those countries in 2012.
Exports to Europe dipped by 18pc going from €19.65m to €16m while sales in Ireland increased by 70pc from €140,735 to €239,403.
The firm recording an operating profit in 2013 of €334,943 with profits reduced by €118,442 in interest payments.
The profit takes account of non-cash depreciation costs of €672,513 while research and development costs came to €71,470.
The average number of people employed by the firm in 2013 reduced from 155 to 144 with 131 engaged in production and 13 in administration.
Employment costs at the firm reduced by 8pc from €4.3m to €3.94m.
Emoluments to directors, including pension contributions increased marginally from €234,011 to €235,161.
The firm's cost of sales increased from €20.25m to €21.91m with administrative expenses reducing from €979,597 to €802,602.
Shareholder funds at the stood at €5.56m. The profit in 2013 reduced the firm's accumulated losses from €744,202 to €527,701. The firm's cash reduced from €275,520 to €208,640.