Business

Lynas Foodservice increases turnover to £108 million but sees profits dip

SHAREHOLDERS: Lynas Foodservice marks another year of healthy turnover
Andrew Madden

IRELAND'S largest family-owned food distributor, Lynas Foodservice, has announced another successful year after increasing turnover for 2015 to more than £108 million.

The company, which supplies more than 6,000 food products to 5,000 customers across the island, grew revenues to £108m in the 12 months to October 31 2015 – a rise of £3m from its £105m turnover registered the previous year.

However, the firm, which has three outlet stores in Belfast, Derry and Coleraine, has also seen a dip in overall profits, down from £1.8m in 2014 to £628,000 last year.

This is partially due to its shareholders not being paid dividends in 2014 – £300,000 was paid out in 2015.

A rise in turnover was also accompanied by a rise in employee numbers, with an extra 35 workers from the previous year taking the total workforce to 375.

This increase tipped the wages bill for the company just slightly over the £10m mark.

In their strategic report filed with Companies House in Belfast, the directors at Lynas said the results for the year were “satisfactory” and added that they would “continue to seek every opportunity to increase profitable turnover”.

The business is now headed up by third generation family member, Andrew Lynas, more than 70 years since it was first established.

It serves a range of clients, from large supermarkets to local convenience stores, with a fleet of 80 trucks distributing from four regional hubs across Ireland and making 8,000 deliveries a week.

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