Abbey Machinery, the family-owned manufacturer of farm machinery, saw a slight fall in profits for its 2018 financial year. Accounts filed with the companies office (CRO) show Abbey made pre-tax profits of just under €270,000 in 2018, down 16% on the previous year.

Operating profits at the Tipperary-based company fell 8% year on year to just under €303,500 as operating profit margins narrowed from 1.8% in 2017 to just 1.4% last year. Despite the fall in profits, Abbey recorded healthy sales growth, with turnover increasing 14% to €21.2m.

Abbey spent more than €420,000 on R&D projects in 2018. The net asset value of the business has increased to just under €14.3m. The company employs almost 100 people at its manufacturing facility in Toomevara, Co Tipperary, where it manufactures slurry and muck spreaders, agitators, fertiliser spreaders, grass toppers and tub diet feeders.

Over 60% of Abbey’s sales come from exports to markets such as the UK, France, Australia, New Zealand, United Arab Emirates and Saudi Arabia.