By Gordon Deegan

Galway based meat processing firm behind the Rudd’s pork range of products, Sean Loughnane (Galway) Ltd recorded pre-tax profits of €4.18m in 2024.

New consolidated accounts filed by the group show that the business recorded the pre-tax profits in 2024 as revenues totalled €74.59m.

The group - headquartered at the Tuam Rd Industrial Estate in Galway - achieved the revenues after the 2024 purchase of Mitchelstown based Hodgins Sausages Ltd which is engaged in the production of sausages and puddings.

The directors for Sean Loughnane (Galway) Ltd state that the company intends to continue to trade in its present capacity having regard to competition and demand in the market area.

They state that the company is engaged in meat processing and licensed by the Department of Agriculture.

The accounts show that the group has a healthy export business with exports totalling €12.2m to Europe in 2024 while the Republic of Ireland remains its chief market accounting for €62.39m of revenues.

The directors state that “due to the high level of turnover attributed to trading with the United Kingdom, the company can be adversely affected by movements in the currency markets”.

The accounts are the first time that the accounts have been consolidated and there are no comparative figures for 2023.

A note states that the consolidated statements include the trading results of parent firm, Sean Loughnane (Galway) Ltd and its 100 per cent subsidiary, Hodgins Sausages Ltd from August 2nd 2024 to December 31st 2024.

Pork products

Separate accounts for Hodgins Sausages Ltd show that it recorded a loss of €733,619 for the 12 months of 2024.

The loss was mainly due to overall pay to directors more than doubling from €636,355 to €1.36m.

Pay to directors at Hodgins Sausages Ltd was made up of remuneration of €154,473, pension contributions of €824,849 and compensation for loss of office of €390,299.

Separate documents filed with the Companies Office show that Mervin Hodgins and Monica Hodgins resigned in August 2024 and were replaced on the board by directors of Sean Loughane (Galway), Eoin Loughnane and Daire Loughnane.  

Numbers employed by Hodgins Sausages in 2024 reduced from 33 to 27.

Numbers employed across the Sean Loughnane (Galway) Ltd group in 2024 totalled 235 made up of 209 in meat manufacturing, 24 in office and administration and two directors, Eoin Loughnane and Daire Loughnane.

Staff costs for 2024 totalled €10.94m that included wages and salaries of €9.17m.

The operating profit takes account of combined non-cash depreciation and amortisation costs of €1.34m. The group recorded a post tax profit of €3.73m after incurring a corporation tax charge of €446,176.

At the end of December 2024, shareholder funds at Sean Loughnane (Galway) Ltd totalled €21.45m that included accumulated profits of €21.33m.

Cash funds totalled €4.97m at the end of December 2024.