Belfast-based animal feed company John Thompson & Sons recorded a slight fall in profits for its 2019 financial year, after taking a near £1m charge related to its pension scheme.

Accounts filed for the company show pre-tax profits for the 12 months to the end of July 2019 were down 8% year-on-year to £5.4m (€6m). The drop in profits is mostly related to a £922,000 (€1m) charge relating to the group’s pension scheme.

Excluding this once-off charge, Thompson’s recorded operating profits of £6.3m (€7m) for 2019, as operating profit margins were generally steady at a healthy 2.9%.

Overall, John Thompson & Sons recorded a 3% increase in sales for the year to just under £214m (€238m). The accounts show the business paid a dividend of £2.9m (€3.2m) last year to its joint owners, Origin Enterprises and W&R Barnett.

Thompsons employs almost 170 people across its business and its feed mill in Belfast is the single largest feed compounding site in the UK and Ireland, manufacturing in excess of 850,000t of animal feed every year.