Pre-tax profits at operator of Liffey Mills down 47%
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 […] The post Pre-tax profits at operator of Liffey Mills down 47% appeared first on Agriland.ie .
Pre-tax profits at the operator of Liffey Mills, a chain of agri superstores, fell by 47% last year to €4.37 million. New consolidated accounts lodged by Laptop Ltd., the business's parent company, reveal that despite a 12% increase in revenues, the company's profits continued to decline. Revenues rose from €113.03 million to €127.3 million in the 12 months ending in June last year.
Laptop Ltd., based in Roscrea, is controlled by Barry Liffey, who owns 75% of the share capital. The remaining 25% is held by the other directors, Patrick Ryan and John O’Grady, through their holding company, Abbeygale UC. Over the past two years, the firm has paid out combined dividends of €4 million, with a €2 million dividend paid out last year. Additionally, the accounts show that the company transferred another €2 million to Abbeygale UC in a post-balance sheet event.
Liffey Mills primarily focuses on the sale of fertilizers, agri-products, and the manufacture and sale of agricultural feed meals. The company operates 'superstores' in Athy, Banagher, Edenderry, Ennis, Nenagh, Roscrea, and Shinrone. Despite the decline in pre-tax profits, the group's financial position remains strong, with accumulated profits of €60.3 million at the end of June last year. The group's cash funds increased from €20.96 million to €24.34 million, and it also held financial assets totaling €15.19 million.
The pre-tax profits of €4.37 million follow pre-tax profits of €8.27 million in the previous year. The decline in profits was attributed to a 18% increase in the group's cost of sales, which rose from €102.7 million to €120.94 million. Despite the challenges, the directors expressed satisfaction with the financial year's performance and expect this level of performance to be maintained moving forward.
Liffey Mills is also the largest independent buyer of native grain in the country. The company has grown its business model by supplying seed grain to growers, providing fertilizers, and offering a range of agri-products. The resilience of the company's financial position, despite the decline in pre-tax profits, highlights its ability to adapt and maintain its market position in the face of changing economic conditions.
