£21.6m profit at Foyle Food Group

Operating profit at Foyle Food Group Holdings Ltd. rose 67% to hit a new record high for the Omagh headquartered beef processor of £21.6m in 2023.

Turnover at the company was up slightly in 2023 to £491.8m, leaving operating profit margin at a healthy 4.4%.

The company slaughters and processes around 7,000 cattle per week across five main sites, two of which are in NI (Omagh and Campsie), as well as in Donegal and two factories in England (Melton Mowbray and Gloucester). Total employee numbers in 2023 stood at 1,334.

In recent years, Foyle Food Group has performed strongly, with operating profits of at least £10m recorded in each of the last four years. Over the same period, net assets of the company have nearly doubled from £34.2m in 2020 to now stand at £64.3m.

The company remains in the ownership of the Acheson family. See pages 26 and 27.