Company report: Linden Foods Ltd
Linden Foods is a large wholly owned subsidiary of Fane Valley Co-op Society. The directors report that the business is trading in a difficult economic climate and has continued to invest in capital projects which will help it to meet its strategic goals.
The results for Linden Foods contain details of the addition to turnover and profits attributed to joint ventures. The joint venture, Slabridge Holdings, registered in the British Virgin Islands, was disposed of in 2017-18, within the larger group, to another Fane Valley subsidiary, Forestview Trading.
The transfer of Slabridge to another group parent company was reflected in the accounts of Linden Foods through a dividend in specie which had the effect of reducing the value of shareholders' funds by £15.98m. The balance sheet value of shareholders' funds in Linden Foods in September 2018 was £18.4m
Each year Linden Foods records substantial further investment in fixed assets, usually about £1.1m. In 2016-17, in a further group investment, Linden Foods acquired Edenville Investments for just over £800,000.
The principle activities of the group are described as the slaughter of cattle and sheep and the deboning and retail packaging of meat (and its by-products) for retailers, wholesalers and other processors.
In the last three years turnover at Linden Foods has increased modestly. Operating profits recovered significantly in 2017-18 to reach £2.1m. Pre-tax profits also posted a recovery in the most recent year.
Employment has increased each year to an average of 1,170 people in 2018.
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In the past three years, Linden Food, has not declared any dividends for its shareholding owners in Fane Valley Co-op.