Business

Friday 2 December 2016

Profits grow to €1.69m at Irish seed company

Gordon Deegan

Published 13/08/2015 | 02:30

Goldcrop honoured its seed growers recently at an awards ceremony in Kilkenny. John McGrane from Dunleer, Co Louth, was presented with the Overall Quality Seed Grower Award by Goldcrop managing director, John Murphy. Also pictured is Yvonne McGrane
Goldcrop honoured its seed growers recently at an awards ceremony in Kilkenny. John McGrane from Dunleer, Co Louth, was presented with the Overall Quality Seed Grower Award by Goldcrop managing director, John Murphy. Also pictured is Yvonne McGrane

Pre-tax profits at Co Cork based seed manufacturer, Goldcrop last year increased by 18pc to €1.69m in spite of a drop in revenues.

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New figures show that revenues at Goldcrop Holdings Ltd declined by 6pc to €46.67m in the 12 months to the end of December last. The principal activity of the Goldcrop group is the manufacture of cereal, seeds and animal feed and the wholesale of agricultural inputs, horticultural seeds and plants.

The firm's HQ is located at Carrigtwohill outside Cork city and the numbers employed by the group last year increased from 75 to 78 with staff costs totalling €3.94m.

The figures show that the firm recorded a net gain of €665,921 from the closure of its defined benefit pension scheme and an exceptional loss associated with an investment in a joint venture.

The firm last year increased its operating profits by 10pc to €2m and net interest payments of €317,171 reduced the firm's profits to €1.69m.

The company's shareholder funds at the end of December last totalled €10.2m. Goldcrop's accumulated profits totalled €9.22m that included cash of €617,280.

Emoluments for directors reduced marginally to €178,850.

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