Goldcrop, the seed, agri-chemical, animal feed and hardware supplier based in Co Cork, recorded a fall in profits for its 2018 financial year. Accounts filed with the companies office (CRO) show Goldcrop recorded pre-tax profits of €706,665 for 2018, which was down 13% on the previous year.

Operating profits in the business fell 10% year-on-year to just over €1m, as operating profit margins narrowed from 2.2% in 2017 to 1.9% in 2018. While profits fell in 2018, Goldcrop grew its sales for the year. The company reported full year sales of just under €54m for 2018, which was up 2% on the previous year. Goldcrop has net assets of €12.3m and employs 82 people across the business.

The company was set up by Michael Murphy in 1984, after a management buyout of the agri-division of Sutton’s Ltd. The company is now run by managing director John Murphy and has grown through acquisitions over the years.

In 2007, Goldcrop acquired Power Seeds from Origin Enterprises, before buying Co Clare-based Croplink Ireland in 2016.