John Grennan & Sons, the family-run animal feed business with operations throughout the midlands, saw pre-tax profits jump by 10% last year close to €2m.

Recently published accounts for the 2016 financial year show Grennans, which manufactures from its feed mill just outside Birr, Co Offaly, recorded sales of €57.9m last year, which was a 3% decline year on year. Grennans attributed the fall in sales to lower raw material costs.

Despite the slight fall in sales, operating profits in the business increased 3% to more than €1.7m, as profit margins widened to a healthy 3%.

Employing 87 staff, Grennans markets its feed under the Nugget brand and produces 180,000t per annum.

In 2013, Grennans invested €6m in its production facility to double capacity in the lead up to the end of quotas.

The accounts show net assets in the business increased to €17m last year, with some €7m of this related to Grennan’s 50% stake in Target Fertilisers.