Wednesday 12 December 2018

Killybegs Seafoods nets €4.1m

Gordon Deegan

Pre-tax profits at one of the largest fish processors in the country, Killybegs Seafoods, jumped 7pc last year to €4.1m.

The increase came as sales soared 35pc to €37m in the 12 months to the end of last March.

The Donegal firm was established in 1968 and is one of the main processors and exporters of fish, such as mackerel, herring, horse mackerel and sprat.

Figures show the firm had accumulated profits of €33.7m at the end of March. Its total shareholder funds of €34.6m include €7.8m in cash.

Filings show the company approved a dividend payout last year of €1.2m. The company's largest shareholder is director Sean McGuinness.

The company's factory at Killybegs has the capacity to store 800 tonnes of chilled fish and has 6,000 tonnes of cold storage space. All of the company's revenues last year were derived from fish sales.

Employee costs last year rose from €2.1m to €2.34m. Aggregate emoluments for the four directors, Mr McGuinness, Seamus Tully, John McGuinness and Eamon McGuinness, fell from €560,296 to €554,328.

Some €200,000 was paid out in aggregate directors' fees, the same level as 2011, with aggregate remuneration falling from €302,296 to €296,328.

Pension contributions remained static at €58,000. The company paid corporation tax of €568,271, compared with €431,468 in 2011.

The firm owed its directors a total of €2.77m at the end of March 2012, a €304,000 rise on the €2.47m owed to directors at the end of March 2011.

Irish Independent

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