Food-Bridge profits double as revenue soars by 50pc
Published 27/01/2012 | 05:00
PROFITS at low-key Cork meat trading firm Food-Bridge nearly doubled in its last financial year to €1.5m, according to new accounts filed with the Companies Office.
The strong improvement in the company's bottom line came as revenue rose 50pc to €56.7m in the 12 months to the end of last June.
Food-Bridge is controlled by managing director Eddie Gleeson, who owns just over 62pc. The company is involved in the import, export, processing and wholesaling of lamb, beef, poultry and pork.
The latest set of accounts show that Food-Bridge had net assets of nearly €5.5m at the end of last June and shareholder funds of over €5.4m.
The company employs just 18 people, excluding directors. Half are employed in administration, with just three in sales and six in operations. They were paid wages and salaries of €805,000 in the last financial year -- an average of over €44,000 each.
Separately, directors of the company were paid a total of €500,000 in the same period, including €233,000 in "other emoluments" and €240,000 in pension contributions.