John Grennan & Sons, the family-run animal feed business with operations throughout the midlands, saw a sharp fall in profits last year. Recently filed accounts show Grennans made an operating profit of €1.9m last year, which was down almost 40% compared to 2018.

Operating profit margins for the business narrowed from a very healthy 3.9% in 2018 to 2.7% last year. Grennans saw its pre-tax profits for 2019 fall by 42% to just under €2.1m.

Overall, the Co Offaly-based feed merchant saw its sales for the year drop by 11% below €70.5m.

Employing over 100 staff, Grennans markets its feed under the Nugget brand and produces up to 200,000t of feed per annum

The company attributed the drop in sales and profits to a more normalised level of sales volumes during 2019. In 2018, the fodder crisis and summer drought led to record sales volumes of feed that year.

Employing over 100 staff, Grennans markets its feed under the Nugget brand and produces up to 200,000t of feed per annum.

The accounts show net assets in the business increased to €24m last year, with some €9m of this related to Grennans 50% stake in Target Fertilisers.