COLERAINE based food trading company Lamex Foods Ireland has blamed falling pork prices for a 6 per cent drop in turnover to £153 million.
But bottom line profits for the 12 months to March rose to £2.3m - up 32.7 per cent on the previous year.
The company is part of the Lamex Food Group, one of the world's largest privately owned frozen and chilled food trading firms.
The group sources food products, primarily meat and poultry and turns over more than £1.2 billion annually.
It works with some of the world's largest food companies such as Marfig Group and Vion and fast food chain KFC.
According to accounts filed at Companies House in Belfast, Lamex Foods Ireland has just six people on the payroll but a wage bill of £2.8m.
The group is owned by Phil Wallace who is also chairman of English football league club Stevenage FC, of which he owns a 90 per cent stake.
The Coleraine operation opened in 2007 by David Dalzell and Leif Koch, formerly of the Grampian Country Food Group.
The company provides a sales and logistics service to pork manufacturers and farmers.
Supply has been extended to other European countries making Lamex Ireland is now one of the major suppliers of pork in the UK and EU markets.
Accounts showed sharholders' funds were increased to £5.1m while a £100,000 dividend was paid.
Directors said: "In the year to 31st March, the company was affected by lower pork raw material prices, in particular, with turnover falling from £163m (2014) to £153m (2015). The directors are pleased to report that the company improved its PBT increasing from £2.3m in 2014 to £2.9m in 2015.
"This performance underlines the solid nature of the business and new opportunities are constantly being explored to increase sales and PBT. The directors believe that Lamex Ireland is well placed to maintain its position in the current financial year."
