£2.3m profit increase for agri-food firm Fane Valley Co-op
An Armagh agri-food company has announced a year-on-year pre-tax profit increase of £2.3m.
Fane Valley Co-op revealed profit before tax was just over £4.8m for the period ending September 2010. Equivalent figures for 2009 showed profit of £2.5m. Group chief executive Trevor Lockhart cited “improved operating performance” within Fane Valley Dairies, Fane Valley Stores and Linden Foods as the reason for the success.
The new £18m Fane Valley Feeds’ Bankmore Mill opened in October 2010 and the acquisition of Comber-based agri-supply company RW Robertson & Co brought them their eighth retail outlet.
Irish Country Meats, part of Linden Foods’ joint venture in the Republic of Ireland with Slaney Foods, has just acquired Belgian lamb processing business A. Lohnienne SPRL.
Mr Lockhart said rising costs would present challenges over the coming months. He said: “These costs will ultimately have to be recovered from the marketplace.
“Overall we remain confident about the prospects for Fane Valley and the wider agri-food industry.”