Company report: Ballygarvey Eggs Ltd
Ballygarvey Eggs is a Ballymena family business. It deals in the production and wholesaling of eggs.
In the last three years the company has maintained a record of improving profitability, and as a consequence has been able to accumulate increased financial reserves.
The strategic report says that in 2016 the company was able to take advantage of more favourable conditions in the wholesale egg market to record an increase in profitability, and it anticipates that these improved results will be maintained in 2017.
In recent years the company has made significant levels of additional investment, particularly in housing and equipment for the stock of birds. It emphasises the need to meet high standards of food safety, production traceability and ensuring adequate bird welfare. High standards of hygiene procedures and continuing measures to ensure good bio-security measures to prevent disease are key requirements.
The company notes with satisfaction that it holds a high level of cash resources and no borrowings which means that it does not face any liquidity or cash flow risk.
Each year the company has made a dividend distribution but, in 2016 at £375k, still retained post-tax profits to add to the accumulated financial reserves. Recently, the company has been able to make some repayments of shareholder loans of £0.717m in 2015 and £1.152m in 2016.
The number of people employed has varied from year to year but averaged 46 people more recently.