Pre-Tax Profits More Than Double For Pallas Foods In 2018
Pallas Foods saw its pre-tax profits more than double to €10.7 million last year, it has been reported.
According to the Irish Examiner, pre-tax profits increased by 111% as revenues increased by 10% to just over €352 million.
Staff costs also saw an increase, to €44 million, as the company increased its workforce by some 131 people.
The group now employs a total of 1,015 people, almost triple the amount it was in 2007.
In 2018 the company focused on increasing its sales among existing customers by introducing a wider range of products and improving the quality of service.
The group also sought to secure new contracts. In January of this year, Pallas announced that it had acquired specialist wine, spirits and craft beer distributor Classic Drinks.
In the director’s statement, the group highlighted the importance of it maintaining its gross margin level period on period.
‘This measure is a critical factor in the assessment of the company’s performance and a favourable result has been maintained through a rigid cost- management process, strong relationships with company suppliers and changes in product mix,’ the statement read.
© 2019 Checkout – your source for the latest Irish retail news. Article by Aidan O’Sullivan. Click sign-up to subscribe to Checkout.