Pigmeat profits plummet at Avonmore
AVONMORE Waterford has been hit by a change of appetite among the Japanese for Irish pork.
The foods group warned that an unexpected fall in profits from meat trading in the first half would damage full-year earnings.
Overall, pre-tax profits were up 28% to I£35 million (£29.6m) in the six months to 4 July, before a I£24m exceptional provision for a loss on the sale of its Wisconsin cheese business.
But its meats business performed poorly. Profits dipped from I£5.52m to I£550,000, although turnover rose 19% to I£249m.
The company saw prices fall 20% in the European pigmeat market over the year.
Falls in meat were partially offset by improvements in the consumer foods division, which benefited from lower milk prices.
- Avonmore Waterford makes I£117.8m loss, FWi, 1 April, 1998
- Financial Times 03/09/98 page 29