Profits almost quadrupled at Pallas Foods last year
ONE of Ireland's biggest food suppliers nearly quadrupled profits last year, despite reduced margins, according to new accounts.
Pallas Foods, which provides various foods to the catering and food industry, made a profit after tax of €8.99m for the 12 months to July 3, 2010, on turnover of €158.2m. That compared to €2.23m in profit and €110m turnover a year earlier.
In its directors' statement, Pallas said the company had had another good period, but challenges remained.
Margins fell slightly, down 1pc to 28pc year-on-year. Despite the strong results, the directors said rising fuel costs and poor economic conditions could affect consumer confidence, while its customers' ability to repay debts could present challenges for the business.
The Limerick-based company has kept a low profile since it was founded by Tim Geary in the early 1980s, but in 2009 it was taken over by the American food distribution giant Sysco, in a deal reportedly worth around €200m.
It is now run largely by Mr Geary and his four sons at the company's 175,000 square foot site at Newcastle West. It employs some 500 people at Newcastle West and nine other depots around the country.
Among its contracts, it supplies fresh produce to the shops on fuel firm Topaz Energy's forecourts.