Target Fertilisers, the privately owned fertiliser importer and wholesaler, reported a 20% increase in pre-tax profits for its 2016 financial year to €1.65m. 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. Target operates three separate fertiliser production facilities located in Waterford, Wexford and Offaly.

The company recorded sales of €73m in 2016, which was a 14% decline on the previous year. However, this reflects the falling cost of fertiliser on global markets in 2016, particularly in the back end of the year. Operating profits for the year increased 8% close to €1.9m, as profit margins expanded to 2.6%. The net asset value of the business increased to €14.6m last year.