Monaghan ups pre-tax profit to nearly 10% of turnover

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Martyn Fisher

BY MARTYN FISHER

Monaghan ups pre-tax profit to nearly 10% of turnover

The business - part of one of the world’s biggest mushroom suppliers - posted a pre-tax profit of £8.4m in 2014

Monaghan ups pre-tax profit to nearly 10% of turnover

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Monaghan Mushrooms has had a strong year, achieving a pre-tax profit that is nearly 10 per cent of its UK turnover.

The business, which is part of one of the world’s biggest mushroom suppliers, posted a pre-tax profit of £8.4 million in the year ending 31 December 2014. This represented a significant rise from the previous financial year’s pre-tax profit of £1m.

The accounts, held at Companies House, show that this pre-tax profit came from a turnover of £89.4m, down from £100.8m, a figure which saw Monaghan Mushrooms hold 25th place in the most recent FPJ Big 50 Companies ranking.

Speaking in the report accompanying the accounts, John Stanley, finance director at Monaghan Mushrooms, said: “The company continued to benefit from its relationship with its sister company in Ireland, Monaghan Mushrooms Ireland, which facilitated an improved customer service as a result of a deep and geographically diverse supply base.

"The directors are satisfied with the performance and results in the year, [and] expect that the present activity level will at least be sustained for the foreseeable future.

“The company is an integral part of the Elst group and is reliant on the wider group for operational and financial support.”

In the months following this accounting period, the Wilson family – the majority shareholder in Elst, the holding company of Monaghan Middlebrook Mushrooms – were ordered by Ireland’s Commercial Court to buy out Donegal Investment Group (DIG)’s 35 per cent shareholding in Monaghan Mushrooms for €30.6m (£24.1m).

The decision came after DIG took a shareholder oppression claim against Danbywiske, owned by the Wilson family and the majority shareholder in Elst, alleging it was being excluded from business affairs at the company.

DIG had a 35 per cent stake in Elst, which was formed after the creation of Monaghan Mushrooms in 2004, which was the result of a merger between Carbury Mushrooms and Monaghan Middlebrook Mushrooms. 

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