Green Isle Foods Holding Company Posts Profit Turnaround
Published on Apr 23 2014 7:44 AM in A-Brands
The UK-based holding company for Green Isle Foods, Beverley House (9000) Limited, posted a profit of £1.46 million (€1.78 million) for the year to end 27 July 2013, according to accounts just filed.
This is a significant turnaround for the business, which posted a loss of £7.05 million (€8.6 million) in the previous 12 month period. The results include exceptional group recharges of £4.9 million relating to the group's pensions contribution, and £751k relating to rationalisation and integration costs.
Turnover at the group, which is a subsidiary of UK foods giant Boparan Holdings, was £258.7 million (€315 million), which is actually down on the previous year's turnover of £312.6 million (€380.7 million).
The business supplies supermarkets in both Ireland and the UK.
In their report, the directors noted that the "strength" of its retail customers, "combined with competitive pressure in the industry, represent continuing risks which could result in lost sales to key competitors.
"The Group seeks to manage the risks presented by its consolidated customer base, and the highly competitive environment that characterises the industry, through its strategy of pursuing a competitive high service and low cost model targeted across a portfolio of categories, where it has good market positions."
Last year, Green Isle Foods earned plaudits for its work with Tesco on revamping the freezer aisle at its Naas outlet, an initiative which earned it both a Checkout National FMCG Award and an ECR Catman & Shopper Marketing Award.