Strabane cooking oil specialist took £6m revenue hit in year under lockdown
CO TYRONE cooking oil specialist Frylite took a £6 million hit to its revenues in a year under lockdown, according to a new set of company results.
The Strabane-based firm, which operates from five sites across the island of Ireland, is involved in the manufacture, retail and export of sauces, oils, flavourings and additives.
Its customers include fast food giants Burger King, KFC and Supermacs, as well as hotels and restaurants.
Frylite claims to be the first choice for more than 60 per cent of food industry firms on the island of Ireland.
But a new set of accounts has highlighted how a year under lockdown across the island hit the food industry and in turn, the Strabane company's bottom line.
According to the documents filed this week with Companies House, turnover declined by 15 per cent to £33.75 million for the 12 months ending April 4 2021, representing a decline of £6.2m over the year.
The result was a 77 per cent fall in after tax profit, dropping from £1.2m to just £273,242.
The bottom line figure factors in around £800,000 of government support Frylite received during the year.
The 12 months of lockdown also saw the Strabane-based company's workforce shrink from 239 to 211, including the loss of 17 administration staff.
But the company's outlook looks much more positive following the reopening of the hospitality and food industry.
According to the report, as of April 4 2021, Frylite had forward sales contracts in place with a value of £8.175m. That compares to just £1.8m following the introduction of lockdown restrictions last year.