Eurostock sees strong year

Eurostock Food Group has reported a mammoth 176% growth in profit.

The Northern Ireland food processor, which was established in 1985, experienced a rise in both profits and turnover for the year.

The company saw pre-tax profits increase by 176% year-on-year to 1.4 million for the 12 months to 31 January 2015. Turnover grew by 12% to 49m over the same period.

Directors said they expect another good year of progress for 2015/16.

In a strategic report, it said: The directors are satisfied with the results for the year in a market that is becoming increasingly competitive and which is facing challenging circumstances.

Increased costs of raw materials continue to bring challenges for the business, but the directors are confident that margins can be maintained.

They are committed to long-term creation of shareholder value by increasing the groups market share through organic growth, combined with improvements in buying, stock management and overhead cost savings.

The company operates two manufacturing sites, one at Hindley Green near Wigan in the north west of England and one at Lurgan in Co Armagh. Both facilities process beef, lamb, pork and poultry products. It has also grown its staff numbers from 212 in 2013/14 to 242 over the past 12 months.

It supplies to the retail, foodservice and manufacturing sectors.

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