Larry Goodman’s meat company Wexford Beef & Lamb reports sharp rise in profits

The pre-tax profit of a meat processing group owned by Larry Goodman rose 27 percent last year to 4.05 million euros.

New consolidated financial statements for Goodman companies Slaney Foods and Irish Country Meats show that Wexford Beef & Lamb Unlimited Company (WBL) reported pre-tax profit after revenue rose 75% from 357.9 in the 18 months to 2018 million euros had risen to 624.77 million euros at the end of March last.

On a 12-month prorated basis, revenue increased 16 percent.

In May 2021, ABP Food Group reached an agreement from Mr Goodman to acquire the remaining 50% interest in Fane Valley Co-Op’s “Red Meat” business, which here included Slaney Foods and Irish Country Meats.

The companies had operated as a joint venture for the previous five years.

The Slaney Foods group operates processing plants in Camolin and Bunclody, Co. Wexford, Navan, Co. Meath and Liege, Belgium.

Directors state that the operating profit of €5 million for the year was “a satisfactory result” and they are pleased with the group’s net worth of €61.2 million at year-end

The number of employees fell from 1,008 to 929 and personnel costs totaled €49.58 million over the 18 months.

The company paid out a dividend of €5.3 million. The group recorded an after-tax profit of €2.6 million after paying €1.44 million in corporate income tax.

On the impact of Covid-19 on the business, Directors noted that the Group has fortunately not experienced any significant ongoing disruption to business from the pandemic.

The holding company’s earnings last year include combined non-cash depreciation and amortization of €7.64 million.

The WBL business reported gross profit of €68.63 million after cost of sales of €556.13 million.

Selling expenses of €21.8 million and administrative expenses of €41.75 million result in an operating result of €5 million. Financing costs of EUR 408,000 and a loss of EUR 567,000 from the sale of a subsidiary to a group company resulted in a pre-tax profit of EUR 4.05 million.

The group’s cash and cash equivalents totaled €13.2 million at the end of March 27.

The director’s report, which accompanies the WBL-filed financial statements, states that the group “is a significant supplier to high-quality and long-established premium retailers, food service providers and food manufacturers internationally.”

The group is engaged in sourcing and slaughtering of cattle and sheep and processing the meat with related products for sale on the domestic and export markets.

The directors state that the group carries out significant research and development activities that allow it to introduce new products and offer a product of the highest quality, traceable, marketed effectively and offered at competitive prices to key customers and suppliers in order to to increase consumer confidence.