Profile of O'Kane Poultry Group17 March 2009
NORTHERN IRELAND, UK - A profile of O'Kane Group Ltd, Northern Ireland's number 2 poultry company.
For Belfast Telegraph, John Simpson reports that Ballymena-based O'Kane Group brings together a number of subsidiary companies the largest of which is O'Kane Poultry.
O'Kane Poultry, which has expanded as a result of business consolidation with (formerly) related companies, is one of the two largest poultry rearing and processing plants in Northern Ireland. Another subsidiary is Associated Egg Packers.
Turnover in the group increased in the most recent year by 9 per cent. Comparable figures for earlier years are not easily read since the accounts at April 2008 have been re-stated, which affects the turnover (but not the other figures) in 2005-06.
After a period when annual losses were registered, in 2007-08 the operating and pre-tax positions returned to positive profit flows.
In 2006-07, the pre-tax position was influenced by a large financial gain from the sale of fixed assets. This reduced the reported loss by £2.7 million to only £2.5 million. A further exceptional gain of £0.4 million was credited in 2007-8. The group has invested significant sums in recent years. Nearly £13 million went into capital assets in the last three years, offset by depreciation of just over £9.5 million.
Employment in the group rose by 13 per cent in the last year but shareholder funds fell slightly after an adjustment in the balance sheet value of assets, according to Belfast Telegraph.