Profits double to €10.7m at Pallas food services group
Pre-tax profits at the main firm in the country's largest food service wholesaler, Pallas Foods, more than doubled to €10.7m last year.
New accounts filed by the Co Limerick- based Pallas Foods Unlimited Company show pre-tax profits rose by 111pc as revenues increased from €319.2m to €352.18m in the 12 months to the end of June last.
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Numbers employed by the firm - led by ceo Peter Jackson - increased by 131 to 1,015 as staff costs rose to €44m.
The accounts give the first insight into the financial performance of the firm in over 10 years as the unlimited entity last filed accounts to the Companies Office in 2008.
Underlining the growth of the business over the past 11 years, revenues have increased more than three-fold since 2007 when revenues of €116m were recorded.
Numbers employed have almost tripled from 386. According to the directors' report, "the company had another strong performance" in 2018.
The directors said that in achieving the turnover, "the company has focused on increasing sales with existing customers through offering a wider range of products and improving the quality of service and securing new contracts".
Operating profits increased from €6.99m to €14.26m, while a net loss on financial liabilities at fair value of €3.18m and net interest payments of €287,968 reduced the business's profits to €10.7m.
Shareholder funds totalled €121.3m at the end of June last and that included cash of €24.82m.
The profit last year takes account of foreign exchange losses of €2.6m and non-cash depreciation costs of €5.3m.
Operating lease charges totalled €2.7m. Total pay to directors amounted to €534,045, made up of emoluments, share option gains and pension contributions.