Target Fertilisers, the privately owned fertiliser importer and wholesaler, has reported a slight fall in pre-tax profits (-2%) for its 2017 financial year to just over €1.6m. The Enniscorthy-based company recorded sales of €73m for 2017, which was in line with the previous year and reflects the steady fertiliser prices over the 12-month period.

Operating profits in the business fell 5% during the year to €1.8m, as profit margins narrowed slightly from 2.6% in 2016 to 2.4% last year. The net asset value of the business increased by more than €400,000 to €15m at year-end 2017.

Founded in 1998, Target accounts for more than 20% share of the 1.3m tonne Irish fertiliser market. The company is a 50:50 joint venture between animal feed company J Grennan & Sons and the Cooney Furlong grain company and operates three separate fertiliser production facilities in Waterford, Wexford and Offaly.

The accounts show that Target paid a €1m dividend to its shareholders in 2017. No dividend was paid the previous year.