Beef processor C&J Meats in turnover dip as livestock prices fall
COUNTY Armagh beef processor C&J Meats has recorded a dip in turnover after livestock prices lowered last year.
The Kilmore based firm had sales of £35.2m in the year to November 2015 - down 3.3 per cent on the previous year's figure of £36.4m.
The company, run by local farmers Colm Pyers and John McCann specialises in the supply of beef cuts and trimmings.
Gross profit fell below seven-figures reaching just under £997,000 from £1.1m.
That made gross profit margin 2.83 per cent (against 3.07 per cent in 2014).
In their strategic report filed with annual accounts at Companies House, directors said: "The decrease (in turnover) was due to a reduction in livestock prices which was reflected in selling prices to the end consumer.
"The percentage margin on gross profit decreased due to the increase in labour and packaging costs."
The firm added significantly to staff numbers of the year, taking on an additional 11 production workers taking the payroll to 67.
That made the overall wage bill £1.1m while the two directors drew a combined salary of just £15,840.
While the business is focused primarily on the UK market, almost a third of turnover is accrued in Europe, amounting to £10.7m.
It exports to several countries across the continent including Germany, Holland, Belgium, Austria, Italy, Spain and France.
Directors added that they, "consider the key risks to include exchange rate risk as they deal with customers and suppliers in euro".
"They mitigate this risk by having euro bank accounts and monitoring exchange rate fluctuations."