AW Ennis, the Cavan-based animal feed manufacturer owned by the Ennis family and trading as Erin Farm Feeds, saw pre-tax profits soar by over a third (+35%) in 2017 to hit €2.9m. The company said lower raw material prices to make its pig, poultry and ruminant range of animal feeds boosted the business’s performance in 2017.

Turnover for the year grew by 6% to €63.6m, with the company now manufacturing more than 200,000t of animal feed at its mill in Virginia.

Operating profits increased by almost 40% in the year to hit €2.85m, as profit margins expanded from 3.5% in 2016 to a very healthy 4.5% last year. AW Ennis said a recent capital investment in a state-of-the-art new milling facility at its Virginia site will help maintain profit margins in the years ahead. The net asset value of the business stood at just under €22m at year end.

A total dividend of €200,000 was paid out during the year between the four directors in the company. A similar dividend was paid in 2016 to the company directors.