Wexford fertiliser company NitroFert saw pre-tax profits rise sharply (+54%) in 2017 to reach €1.5m. Based in New Ross, NitroFert imports, manufactures and distributes fertiliser for the Irish market.
The company reported a 5% decline in sales for the year to €27.7m. Despite the fall in sales, operating profits for the year increased by more than a third (+37%) to reach €1.75m, as profit margins increased from 4.4% in 2016 to a very healthy 6.3% last year. The net asset value of the business increased by a little over €1.3m in 2017 to reach €11.9m at year end. NitroFert had cash reserves of just under €3m at year end.
Employee numbers increased from 17 in 2016 to 20 last year, with total staff costs rising almost 20% in the year to just under €791,000.
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Founded by Eamonn Galavan over 20 years ago, the business was built on importing Russian prilled fertiliser, mainly 27-2.5-5. It has since expanded to provide the full range of products including blended fertilisers to distributors across Ireland.
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Wexford fertiliser company NitroFert saw pre-tax profits rise sharply (+54%) in 2017 to reach €1.5m. Based in New Ross, NitroFert imports, manufactures and distributes fertiliser for the Irish market.
The company reported a 5% decline in sales for the year to €27.7m. Despite the fall in sales, operating profits for the year increased by more than a third (+37%) to reach €1.75m, as profit margins increased from 4.4% in 2016 to a very healthy 6.3% last year. The net asset value of the business increased by a little over €1.3m in 2017 to reach €11.9m at year end. NitroFert had cash reserves of just under €3m at year end.
Employee numbers increased from 17 in 2016 to 20 last year, with total staff costs rising almost 20% in the year to just under €791,000.
Founded by Eamonn Galavan over 20 years ago, the business was built on importing Russian prilled fertiliser, mainly 27-2.5-5. It has since expanded to provide the full range of products including blended fertilisers to distributors across Ireland.
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