Fane Valley, the Northern Ireland farmer-owned agribusiness and feed co-operative, reorganised its operations in the Republic in 2022, creating a company with an annual turnover in excess of €175 million, new Companies Registration Office (CRO) filings reveal.
Consolidated accounts for the Fane Valley Ireland group, the Dublin-registered arm of the Co Antrim-headquartered operation, reported after-tax profits of close to €4.02 million in the 12 months to the end of September last, up almost 4.7 per cent from the previous year.
The group comprises companies like Silver Hill – the Monaghan-based duck processor that supplies as much as 98 per cent of the European market for head-on ducks – which the Northern Irish company acquired for an undisclosed sum in March 2019.
More recently, Fane Valley agreed to acquire a 50 per cent shareholding in Drogheda, Co Louth-based feed merchants Drummonds in 2021. The deal was subsequently given the green light by the Competition and Consumer Protection Commission in early 2022.
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As part of a reorganisation of Fane Valley Co-Operative Society, the Northern Ireland parent company now holds its shares in Silver Hill within the entity registered in the Republic since September 2022, according to the filings.
Revenues at Fane Valley Ireland climbed from €65.5 million in the 11 months to the end of September 2022 to €175.4 million at the end of September 2023, due to the reorganisation and a jump in organic sales growth due to stronger sales, a source said.
Earnings before interest, taxes, deductibles and amortisation at the enlarged operation in the Republic almost doubled over the period to €8.1 million.
In a report attached to the accounts, the directors said the group continued to invest in capital projects and will “also continue to invest” in “suitable acquisitions in order to ensure its ongoing development”.
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