Wednesday, December 6, 2023

Co Down company behind Finnebrogue meats reports 22% revenue rise to £145.3m

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Lynn’s Country Foods has reported a 22% jump in revenue to £145.3m in its latest results

Co Down food producer Lynn’s Country Foods has reported a 22% jump in revenue to £145.3m in its latest results.

While the Downpatrick-based business was first known for its Finnebrogue brand of sausages, it has also developed nitrite-free bacon and opened a factory for plant-based products.

For the year to February 25, it said profits, adjusted for exceptional items, had increased by 4% to £8.1m.

And profit after tax, not including exceptional items after a loss on disposal of assets, was £1.1m.

According to the accounts, which have been filed at Companies House, gross margin fell from 25.9% to 24.7%.

The company said it had set standard pig price (SPP) agreements with all its major customers.

That meant selling prices vary in line with market movements, contributing to the increase in sales and the fall in gross margin percentage.

A spokesman for Lynn’s Country Foods said: “We are happy to have continued our growth trajectory, but we are more pleased with the way in which the business has managed several significant headwinds.

“The unprecedented war in Ukraine and the inflation which ensued has presented immense challenges for all food businesses.

“Our razor-sharp focus on driving efficiencies in our business, while also producing the steady stream of innovation we are best known for, ensures we are in a robust position as we look optimistically towards the future.”

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