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Great catch: Killybegs Seafoods lands €1.2m profits as revenues jump 30pc

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Haul: Killybegs is among Ireland’s leading seafood processors and exporters

Haul: Killybegs is among Ireland’s leading seafood processors and exporters

Haul: Killybegs is among Ireland’s leading seafood processors and exporters

Pre-tax profits at Co Donegal fish processing company Killybegs Seafoods last year increased by 27pc to €1.2m.

It follows revenues at Killybegs Seafoods Unlimited Company increasing by 30pc from €29.42m to €38.23m in the 15 months to the end of last June. The sharp increase is partly due to the period to the end of last June covering 15 months compared with a previous 12-month period.

The company has a very healthy balance sheet with accumulated profits at the end of March last year totalling €45m.

The directors to have served during the year are listed as Seamus Tully, Sean McGuinness, John McGuinness and Eamon McGuinness. Pay to directors almost doubled last year from €825,684 to €1.669m, made up of €1.55m in remuneration and pension contributions of €114,297.

The business was established in 1968 and is today one of the leading open-sea seafood processors and exporters operating here.

Numbers employed remained static at 52 and staff costs increased from €2.8m to €3.9m. The company's cash funds reduced from €3.66m to €2.78m. The directors say the company has limited borrowing and is largely financed from owners' equity.

The profit last year takes account of non-cash depreciation costs of €621,440. The company recorded post-tax profits of €1.04m after paying corporation tax of €162,019.

Irish Independent