Glenisk

Cordagrove Limited, the holding company for dairy processor Glenisk, have filed their annual accounts for the year ending 31 December 2021.

Trading was severely disrupted during the year, due to a fire at the group’s factory, which completely destroyed all the fixed assets at the location.

Despite getting back into production quickly, turnover was down 23.5% to €21.3m, but with the cost of sales down €9.6m; operating profit increased to €6.8m up from €1.9m the previous year.

Obviously, this figure is greatly distorted as a result of the fire.

An exceptional provision of €1.089m for fire-related costs is made, a profit of €7.037m is recorded on disposal of tangible assets and, while trade debtors have fallen from €3.4m in 2020 to €1.2m in 2021, other debtors have increased to €7.8m compared with €329,064 in 2020.

Drummonds

The Drummonds and Fane Valley Ireland joint venture also reported on their first 11 months of trading up to 30 September 2022. During this time, the business engaged in the purchasing, drying and trading of native grains, oilseeds and pulses as well as property investment.

After 30 September 2022, the business added the preparation of fresh, frozen and oven-ready duck products, and the manufacture and marketing of animal feeds who trade as Silver Hill and Smyth’s of Daleside respectively.

Turnover for the 11 months was €65.5m, with earnings before interest, tax, depreciation amortisation and release of capital grants (EBITDA) at €4.8m.

A current liability on the balance sheet of €7.059m is highlighted due to €10.385m being owed to the ultimate parent undertaking, which was settled by Fane Valley Group in return for shares in Fane Valley Ireland Limited.