Seed, grain and farm supplies business Drummonds posted an operating profit of €2.658m for year ending 30 June 2021 on sales of €57.075m compared with €1.164m on sales of €56.481m the previous year.

This included an exceptional item in the profit on disposal of a fixed asset of €1.1012m. The business had on average 53 employees during the year with cost of €3.006m, up from €2.708m for 54 employees the previous year.

A dividend of €1.75m was paid for the year ending 30 June 2021 compared with no dividend the previous year, while loans of €1.977m were repaid.

After the year end in November 2021, Drummonds and Fane Valley, the Northern Ireland-headquartered co-op, agreed that Fane Valley would acquire a 50% stake in the Drummonds business.

Fane Valley also has a strong network of farm supplies stores and milling which means the combined companies have a strong footprint across much of the northern half of the island of Ireland.