Cull windfall lifts IFP
ABP, the UK arm of Irish Food Processors (IFP), contributed about half of the Irish groups I£3.4 million operating profits in the 12 months to March last year.
This helped IFP treble profits even though turnover fell 5% to I£38m. The Scotsman says it is clear that income from the UKs over 30-month cull in the wake of the BSE crisis created a I£2.2m windfall for ABP.
The UK division has admitted that a fall in profits for the year ending March 1998 was likely, due to a reduction in OTMS income and the virtual elimination of beef intervention within the UK sector.
- The Scotsman 22/04/98 page 30