Sales and pre-tax profits up for Skea Eggs owner
Lough Erne Investments in Co Fermanagh, parent company of Ready Egg Products, had revenue of £64.6m, up 10.7% from £58.4m. Pre-tax profits went from £7.4m to £9.9m.
Products made by the company include liquid, hard-boiled, scrambled and other egg products. In April, the company acquired Skea Egg Farms in Dungannon, Co Tyrone, which supplies 9.5m eggs per week to retailers across the UK.
Lough Erne Investments, which is owed and operated by the Crawford family, is based in Lisnaskea but also has a second facility in Chesterfield in England.
In a strategic report filed with the financial results, the company’s directors said there were risks and uncertainties involved in food production and processing which had to be strictly monitored.
Factors affecting activity in food production and processing included commodity markets, government and EU legislation and changes in international agriculture practices.
During the year, the average number of employees at Lough Erne Investments had fallen from 160 to 151. However, its pay bill had increased slightly, from £3.9m to £4.2m.
Looking ahead, the company said: “The economic environment continues to evolve and is making a return to relative stability and certainty. Overall, in the coming year the group aims to increase revenue and operating profits.”
It said its acquisition of Skea Egg Farms would allow for more diversification in the market and cements its position as a “leading player in the market”.