The Foyle Food Group has recorded net profits of £7.3m (€8.4m) for 2021, up from £5.6m (€6.4m) in 2020.

This was achieved on a turnover of £427m (€489m), a 15.1% increase on 2020 and an operating margin of 2.5%, up from 2.3% the previous year.

Profits for 2021 were boosted by the income from the sale of an asset which realised £1.75m (€2m) and £293,438 (€336,126) from the UK Coronavirus Government Job Retention Scheme.

The group is headquartered in Omagh, Co Tyrone, and in addition it also has factories in Campsie, Co Derry, Carrigans, Co Donegal, and two factories in Britain. It has the capacity to process 350,000 cattle annually.

The group is approved to export beef to the US and has listings with major retailers in Ireland, Britain and across Europe. The Donegal factory was one of the first Irish factories to send beef to the US in 2014 and China, when it was open for Irish beef exports.