Largo Foods in profits boost

Largo Foods increased its profitability last year despite a €4 million decline in turnover.

Latest accounts for Largo Food Exports Ltd show that the company increased its pretax profit to €2.56 million in 2010 from €1.96 million in the previous year.

Turnover declined to €84.1 million from €88.2 million in the period.

In the past couple of years, Largo has achieved a €10 million-plus reduction in its cost of sales following a restructuring of the business that reduced its employees from about 700 to some 500.

It has invested about €7 million in automation at plants in Ashbourne and Donegal.