Arvum Group, a holding company owned by the Power family in Co Waterford, saw its profits fall in 2019.

Recently filed accounts show operating profits at Arvum dropped by 22% for its financial year ending June 2019 to just over €675,000. Operating profit margins in the business narrowed from 3.4% in 2018 to 2.4% last year.

The company recorded sales of just over €28m for the year, which were up 11% year on year. Arvum said it spent almost €115,000 on R&D work during the year and paid a dividend of €86,500 to its shareholders.

Arvum is a holding company that controls a number of subsidiary businesses that will be known to Irish farmers, including Seed Technology (SeedTech), Advanced Fertilisers, ProNutri and Specialist Nutrition.

The group also holds a 45% stake in DLF Seeds, a joint venture business operated in partnership with DLF Trifolium, which is owned by Danish farmers and the world’s largest producer of grass and clover seed with a 25% share of the global market and a 45% share of the EU market.