Hi-Spec Engineering, the company known for its diet feeders and slurry equipment, saw profits soar last year thanks to strong growth in its Irish and export business. Accounts filed with the companies office (CRO) show that Hi-Spec made pre-tax profits of €1.7m for 2018, more than double (+110%) the profits made in 2017.

The farm machinery company saw operating profits increase by 106% last year to just under €1.75m, as operating profit margins expanded from 6.8% in 2017 to 11.7% last year. Hi-Spec saw its turnover grow by 20% in 2018 to just under €15m.

Sales to customers in Ireland soared 33% last year to reach €5.8m, while Hi-Spec’s export sales to Europe increased 13% to €8.5m. Exports outside of Europe grew by 10% to just under €525,000. Exports now account for more than 60% of the company’s total sales.

Established in 1988, Hi-Spec is based in Bagenalstown, Co Carlow, and employs 55 people. The business is owned by the Nolan family. At year-end 2018, the company had a net asset value of just under €12m.