JFC, the Galway-based company which manufactures plastic products for the agricultural and construction sectors, saw pre-tax profits increase by almost two-thirds (+61%) in 2017 to reach €4.4m.

Accounts filed by JFC Manufacturing show the sharp increase in profits in the business was a result of a once-off gain from the recovery of a loan impairment charge, as well as a fair value gain on the company’s investments in shares.

Sales for the company’s 2017 financial year actually slid by 5% during the year to €35.4m, as operating profits fell by 4% to €3.9m. Profit margins in the business were maintained at a very healthy 11%. JFC was established by John Concannon over 30 years ago.

In the annual report, directors at JFC state that the economic uncertainty created by Brexit is a concern for the business. The company said it is diversifying away from the UK market by developing new products more suitable to new European markets and also by transferring some of its production facilities in the UK back to Ireland.