W&R Barnett, the Belfast-based holding company with operations in grain, animal feed, fertiliser, molasses and packaging, saw turnover increase by 18% for its 2017 financial year to reach a record £1.1bn (€1.3bn).

W&R Barnett is best known as joint owner, along with Origin Enterprises, of the Belfast animal feed company Thompson’s and R&H Hall, Ireland’s largest importer of grain and animal feed ingredients.

Recently filed accounts for the 12-month period to the end of July 2017 show the company increased pre-tax profits by 29% last year to £47m (€53m).

Operating profits at W&R Barnett rose by 19% to just under £48m (€54m), as profit margins widened slightly to a healthy 4.3%. W&R Barnett is controlled by Robert Barnett and his family.

W&R Barnett also owns a business that manufactures corrugated packaging as well as United Molasses, a £200m turnover business that trades in molasses and related products.

The group has a net asset value of almost £190m (€215m) today and employs almost 1,500 people.