Accounts for Drummonds, the northeast-based agricultural grain merchant, show operating profits of €2.4m for the year ended June 2017 – up 140% from the previous year.

Turnover increased 1.1% to €53.2m. Operating margins were recorded at 4.5%.

Profit before tax increased from €0.9m to €2.3m during the financial year. The company had sales of €2m in Northern Ireland. The net asset value was €12.5mm at financial year end.

Up until last year, Drummonds was owned through a joint venture company of Liffey Mills and Freshgrass Investments (which owns fertiliser company Grassland Agro).

Following a review, Liffey Mills decided to sell its shareholding to Freshgrass for an undisclosed sum.

Drummonds operates from six locations across Louth, Meath and Kildare and employs 54 people.

In February last year, Drummonds established a new agribusiness, based out of Flynn’s premises in Mullingar called Drummonds-Flynn Agri.