Beef and lamb processor Dunbia UK has reported an operating profit of £13.35m for the year ending 29 December 2023.

The company, which operates from 13 sites across the UK, including an abattoir and retail packing facility in Dungannon, saw turnover in the last financial year rise 12% to hit £1.53bn.

That increase in revenue generated by the business was due to an increase in red meat prices over the period, as well as the acquisition of Cornwall-based H.R. Jasper & Son Ltd.

The deal to acquire H.R. Jasper was announced in March 2023, with the company specialising in the slaughtering of up to 10,000 lambs per week.

While Dunbia turnover was up 12% in 2023, the cost of sales increased by a similar amount, leaving operating profit just 4% ahead of the £12.8m from the previous year.

Operating profit margins in the business remain tight at under 1% of turnover.

However, the company remains in a strong position overall, with total net assets at the end of 2023 of £138.6m, up from £135.8m in the previous year.

The Dunbia UK workforce in 2023 stood at 4,527.

Parent

Dunbia UK is a division within the Waterford-based Dawn Meats Group of companies, owned by the Browne and Queally families.

The immediate parent company of Dunbia UK is Dunbia Holdings Ltd, incorporated in the Isle of Man. The ultimate parent is QDB Holdings IOM Ltd, incorporated in the Isle of Man. Financial statements for QDB Holdings are not publicly available.