Drummonds, the Meath-based grain and feed merchant business, saw profits fall for its 2018 financial year. Recently filed accounts show operating profits at Drummonds fell 8% in the 12 months to the end of June 2018 to just over €2.2m.

Profit margins in the business narrowed from 4.5% in 2017 to a steady 4.1% last year. Pre-tax profits for the year declined 11% to just over €2m.

At year-end 2018, Drummonds carried stocks valued at €7.2m on its balance sheet

Despite the drop in profits, Drummonds saw its sales increase by 2% during the year to €54.3m. Over 90% of sales (€50.4m) were generated in Ireland, with just under €4m of sales coming from customers in Northern Ireland.

At year-end 2018, Drummonds carried stocks valued at €7.2m on its balance sheet, which is almost double the level of stocks carried a year previous and likely a result of the fodder crisis which hit Ireland in Spring 2018.

Drummonds had a net asset value of €14.3m at year-end and employed more than 60 people across 10 locations in Meath, Louth, Dublin, Offaly and Kildare.