Goldcrop, the seed, agri-chemical, animal feed and hardware supplier based in Co Cork, recorded a sharp fall in profits for its 2019 financial year.

Accounts filed with the companies office (CRO) show Goldcrop recorded pre-tax profits of just under €395,000 for 2019, which was almost half (-44%) the level of profits made the previous year. Operating profits in the business slumped by -28% year on year to just under €742,000, as operating profit margins narrowed from 1.9% in 2018 to just 1.4% last year.

Goldcrop also reported a drop in sales last year. The accounts show Goldcrop’s revenues for 2019 were back 5% year on year to just under €51.5m. At year-end 2019, Goldcrop had net assets of €12.3m.

Goldcrop was set up by Michael Murphy in 1984 after a management buyout of the agri division of Sutton’s Ltd. The business employs 82 people today and is now run by managing director John Murphy. Goldcrop has grown through acquisitions over the years, the most recent of which was the buyout of Croplink Ireland in 2019.