Pre-tax profits at Pallas Foods, Ireland’s largest foodservice wholesale provider, more than doubled last year to €10.7m.
This is the first time the unlimited company has filed accounts to the Companies Registration Office since 2008.
Newly filed accounts for Pallas Foods Unlimited Company show that profits jumped by 111% for the year ending June 2018, with revenues increasing by 10% to just over €352m. Of the revenues, €35.7m was generated in the North while the bulk, €316.4m, was generated in the Republic.
Staff numbers increased by 131 for the year, up to 1,015, increasing staff costs to €44m.
The company directors received a pay of €534,045.
In 2007, the last year accounts were filed, the company recorded revenues of €116m, with an employee count of 386, showing a more than threefold increase in the business over an eleven year period.
According to the director’s report, 2018 was a strong year for the company. The report says that in achieving the turnover, “the company has focused on increasing sales with existing customers through offering a wider range of products and improving the quality of service and securing new contracts”.
The company, based in Limerick, was founded in the 1980s by the Geary family, and purchased by US-based Sysco Foods in 2009. Today the business has a portfolio of over 14,000 products and serves more than 9,000 customers.