Portadown drinks wholesalers grows revenue to £93m
PORTADOWN drinks distributor McCabe's grew turnover to £93.72 million last year but profits fell in what directors described as a "challenging year in difficult economic conditions".
The firm, which employs 533 people at its Co Armagh base, is one of the biggest wholesalers of alcohol drinks in Ireland.
The business distributes wine, beer, spirits and cider from across the world to the licensed trade in the north.
Brands include spirits such as The Famous Grouse, Jim Beam and Jägermeister, ciders including Diamond White and Old English and some of the world's best known wind brands such as Hardys and E & J Gallo.
According to the latest annual accounts filed at Companies House in Belfast, McCabes recorded 4 per cent growth in sales for the year to December 2014.
However operating profit fell 25 per cent to £1.83m.
The company wrote off fixed assets to the tune of £47,687. However a valuation of fixed assets resulted in an increase in the revaluation reserve of £471,520 to £7.28m.
The their strategic report, directors said that while they "expect a difficult trading year ahead, they will continue to seek every opportunity to increase turnover and profitability where possible".
The directors paid an interim dividend of £900,000 during the year.
The firm's wage bill rose to £6.14 million against £5.68m in 2013.
McCabes was established in 1919 and remained under McCabes family ownership until it was taken over by the current owners, the Hunt family in 1983.
It operates from 115,000 sq ft premises and has a fleet of 19 trucks and articulated trucks giving a trip delivery capacity of 228 pallets or 20,000 cases.
The company is ultimately owned by Golf Holdings which recently reported a marked drop in profits to £409,701 before tax for 2014 - down from £5.3m the year before.