CO TYRONE cooking oil professional Frylite has documented “an excellent year” with pre-tax revenue growing ten-fold in just 12 months.
The Strabane-primarily based agency, which is still owned by founder Eamon McCay, now operates from 6 web sites across the island.
The group’s newest established of accounts filed with Corporations House show its turnover rose 83 per cent to £61.9 million for the 12 months ending April 3 2022.
That helped the company’s earnings bounce back again from the affect of the pandemic, with pre-tax earnings growing from £362,000 final 12 months to a document £3.9m in 2022.
Though Frylite’s customers usually incorporate significant players in the quickly food and hospitality sector, from Burger King and KFC to motels and eating places, the group stated its latest expansion was driven by food suppliers.
The meals production sector has professional sizeable progress in the north because the introduction of the Northern Eire Protocol, pushed by a sharp increase in orders across the border.
Having said that, Frylite’s administrators explained continue to be at house dining through the pandemic was also a component in the most recent economical yr.
The enterprise also expanded its business enterprise in the course of the reporting period of time, investing £2m in a new Lisburn depot.
When Frylite stated the move would probably create dozens of employment, the most current accounts for the group clearly show its workforce truly shrank by 28 to 211 in 2022.
Outside the house Strabane and Lisburn, the group’s internet sites consist of Coleraine, Galway, Cork and Dublin.
In commentary accompanying the accounts, the group’s directors explained the year to April 3 2022 as “exceptional”, stating that it was “driven by progress and gross sales to meals manufacturing organizations that grew during the pandemic with keep at residence dining”.
The directors claimed they proceed to concentration on sustaining the extensive term sustainability of the group by reinvesting profits again into the business.
“Plans for the long run advancement of the team incorporate applying the gains to spend in a new processing and operational depot in Dublin, as very well as investing in new autos, IT assignments and new re-branding for the Frylite Team.
“The administrators are dedicated the administrators are committed to the extended term creation of shareholder benefit by expanding operations and driving income advancement.”