Meat processors Arrow Group reports jump in profits
Pre-tax profits at the Arrow Group, one of the largest meat processors in the country, last year increased by 53pc to €37.73m.
New accounts show that the Co Waterford-based group achieved the sharp increase in pre-tax profits in spite of revenues dipping by 2.4pc from €511.65m to €499m in the 12 months to January 1 this year.
The group achieved the sharp rise in profits after the business's administrative expenses reduced by 48.5pc from €51.25m to €26.35m.
Numbers employed by the group last year increased from 1,681 to 1,790, with staff costs increasing from €67.59m to €70.25m.
In their report, the directors of the group address the potential effects of Brexit on their business. They state that the potential effects identified are most noticeably on exchange rates, labour costs/availability and particular tariffs in relation to goods and services. The group is controlled by brothers, Peter, Michael and John Queally - who own the Dawn Brand. It also manufactures and distributes pet foods.