Irish food industry in FMD shadow

Irish food companies stand to lose IR£45m (Euro57m) within a week, in the event of a foot and mouth outbreak in the republic, according to figures released this week from the Irish food board, An Bord Bia. The bord​ estimates the industry would immediately lose £18m generated from weekly meat exports to Britain and the Continent, along with £27m in revenue from exports of dairy produce. The potential impact on Irish plcs is so severe that many have appointed expert groups to draw up contingency plans to cope with a worst-case scenario, UK newspaper the Sunday Times reports. While Ireland's five largest food companies have international operations, much of their sales derive from Ireland: Glanbia, 30%; Greencore 34%; Goldenvale, 20%; IAWS 55% and Kerry Group 24.6%. All five have suffered a fall in share value. Since February 19 when the first foot and mouth case was confirmed in the UK, Goldenvale's share value has fallen by 21%, Greencore by 14%, Kerry Group by 7%, IAWS by 5% and Glanbia by a modest 2%. Glanbia and Goldenvale have hired specialists teams to monitor the foot and mouth crisis and advise on fixed strategies. IAWS and Kerry Group each said expert groups were not yet needed. Greencore, currently in a closed period pending of publication of its annual results, could not disclose information. Source: The Sunday Times