By Gordon Deegan

Pre-tax profits at the operator of the chain of agri superstores, Liffey Mills last year decreased by 47% to €4.37 million.

New consolidated accounts lodged by Laptop Ltd., show that the business sustained the decrease in profits as revenues increased by 12% from €113.03 million to €127.3 million in the 12 months to the end of June last.

The Roscrea-headquartered business is controlled by Barry Liffey and the accounts show that the firm has paid out combined dividends of €4 million over the last two years.

The firm paid out a €2 million dividend last and the accounts reveal that in a post balance sheet event that the company has paid out another €2 million to immediate parent Abbeygale UC.

Laptop is owned by Abbeygale UC, in which Barry Liffey owns 75% of the share capital.

The other directors of Laptop Ltd., Patrick Ryan and John O’Grady own the remaining 25% of Abbeygale UC.

Liffey Mills

The main activity of the business is the sale of fertilisers, agri-products, and the manufacture and sale of agricultural feed meals. 

The company today has ‘superstores’ in Athy, Banagher, Edenderry, Ennis, Nenagh, Roscrea, and Shinrone.

At the end of June last, the group’s balance remained strong with accumulated profits of €60.3 million.

The group’s cash funds increased from €20.96 million to €24.34 million.

The group also had financial assets totalling €15.19 million.

The pre-tax profits of €4.37 million follow pre-tax profits of €8.27 million in the prior year.

Pre-tax profits decreased as the group's cost of sales last year increased by 18% from €102.7 million to €120.94 million.

The directors state that they are pleased with the performance for the financial year “and expect this level of performance to be maintained into the future”.

Liffey Mills is also the biggest independent buyer of native grain in the country.

It has grown its business model on the supply of seed grain to growers, provision of fertilisers and chemicals and the purchase back of that grain to manufacture Irish animal feed.

Operating profit

The Liffey Mills business last year recorded an operating profit of €3.3 million and a €1 million gain on the increase in value of financial assets contributed to the pre-tax profit of €4.37 million.

Laptop Ltd., recorded a post-tax profit of €3.69 million after incurring a corporation tax charge of €678,596.

Numbers employed decreased from 97 to 96, made up of 59 in sales and administration and 37 in production and maintenance.

Staff costs rose from €6.23 million to €6.59 million. Directors’ pay increased from €755,259 to €820,315.

The profits for last year take account of non-cash depreciation costs of €721,041.

The group made cash payments of €1.23 million to acquire tangible assets while it received receipts of €265,501 from the sale of tangible assets.

The company recorded receipts of €1.95 million from the sale of financial assets and made cash payments of €653,658 to acquire financial assets.