Lynn’s Country Foods, Finnebrogue Artisan’s parent company, has reported a 44.6% increase in operating profit, latest accounts have shown.
The Northern Ireland-based supplier forms the bulk of a wider Finnebrogue group that also includes the Finnebrogue Bacon Co, Finnebrogue Vegetarian Co and Finnebrogue Farm businesses. It saw operating profit rise from £6.5m to £9.4m during the year to 26 February 2022, according to its annual report and accounts, posted at Companies House.
The business attributed the increase in profit to a focus on controlling costs and “agenda-setting innovation”, though sales slipped slightly, by 0.6% to £119m due to falling pig prices, which was attributed to a fall in wholesale pig prices.
Other challenges came from the war in Ukraine, which had created “uncertainty” in the economic market, the supplier said.
“Like many businesses, the company has been exposed to the effects of this war,” said a company spokesman. “Whilst we have continued to successfully trade throughout this period we have experienced unprecedented increased levels of inflation.”
For the wider Finnebrogue group, total turnover grew by 8.5% – from £148.8m to £161.4m – to February 2022, according to the spokesman. Additionally, operating profit was up from £2.3m to £3.7m.
“In a challenging economic environment, we have been able to control costs while continuing our growth trajectory,” he said. “Our focus on agenda-setting innovation and making food the best it can be, without being bound by the way it has always been done, is at the heart of everything we do.”
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