Despite a significant drop in turnover, profits have remained robust at Belfast-based John Thompson & Sons.

The company, which sells compound animal feed and also fertiliser, saw turnover in the 12 months to 31 July 2024, down by over 20%, taking it from £355.94m to £280.45m.

However, the cost of inputs also dropped, with grain and fertiliser prices settling after the spike caused by the Russian invasion of Ukraine.

As a result, operating profit in the last financial year finished at £8.05m, slightly up on the previous record high of £7.95m to end of July 2023. That leaves operating profit margin at a reasonably healthy 2.9%.

Allowing for interest charges and other income, to include a profit of £1.4m on disposal of property, pre-tax profits were at £8.57m, up over £2m on the 2023 figure.

In their strategic report to accompany the accounts, the directors describe performance of the company as “satisfactory”, and note that while tonnages were slightly down in the last year, “a focus on cost control, coupled with margin recovery, led to an improved gross profit”.

John Thompson & Sons employs 159 people and is a joint venture between NI grain importer, W&R Barnett and Dublin based Origin Enterprises PLC.