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Operating profits were up 10% at Belfast-based feed company John Thompson and Sons, to stand at £6.81m, the latest accounts to 31 July 2022 show.
Replicating what is happening in other agri-food businesses, the company saw a massive lift in turnover which was up 39% to stand at £287.8m, mainly due to raw material price increases for both feed and fertiliser.
Costs were up by a similar amount, leaving operating profit margin at 2.3%, down from the 3% recorded in the previous financial year.
However, pre-tax profit was more than double the previous year at nearly £11m after the company included an “exceptional release of an accounting provision for bad debts”, which resulted in an income boost of £4.48m.
John Thompson and Sons employs 162 people, and is jointly owned by Belfast-based W&R Barnett and the Dublin-headquartered Origin Enterprises plc.
In their latest accounts, W&R Barnet Holdings Ltd, which is NI’s largest family-owned business, reported turnover up over 23% to hit £1.57bn.
Operating profit increased by 32% to stand at £69.2m, with operating profit margin at 4.4%, up from 4.1% in the previous year.
Its core business remains the trading of grains and molasses into NI, but it also has significant interests in the supply of boxes and packaging at sites in Britain. The ultimate controlling party of W&R Barnet Holdings Ltd. is William Barnett.
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