Lurgan's Eurostock experiences good growth

Eurostock Food Group, the Northern Ireland headquartered meat processor, has reported good growth in its business last year. Profits almost trebled at the Lurgan-based meat group as the business adapts to an increasingly competitive marketplace. The company's directors said that they "expect another good year of progress" in 2015/16. Established in 1985, Eurostock Food Group supplies meat products to the retail, foodservice and manufacturing sectors. It includes most of the leading retailers in its client base. The company operates two manufacturing sites, one at Hindley Green near Wigan in the North West of England and one at Lurgan in county Armagh. Both facilities process beef, lamb, pork and poultry products. Eurostock achieved pre-tax profits of ?1.4 million for the year ending 31 January 2015, up by 176 per cent on a year earlier. Turnover climbed by 12 per cent to ?49 million over the same period. The results also show that the company had an average of 242 employees in 2014/15 compared to 212 employees in the prior year. In a strategic report accompanying the accounts, the directors said:"The directors are satisfied with the results for the year in a market which is becoming increasingly competitive and in which is facing challenging circumstances. Increased costs of raw materials continue to bring challenges for the business but the directors are confident that margins can be maintained. "They are committed to long-term creation of shareholder value by increasing the group's market share through organic growth combined with improvements in buying, stock management and overhead cost savings." For 2015/16, the directors added that they "expect another good yearof progress".