Pre-tax profits at the operator of the chain of agri-superstores Liffey Mills last year increased by 48.5% to €8.27m.
New consolidated accounts lodged by Laptop Ltd show that the business enjoyed the increase in profits despite revenues decreasing by 20% from €140.69m to €113.03m in the 12 months to the end of June last.
The Roscrea head-quartered business is controlled by Barry Liffey and the accounts show that since year the company has paid a dividend of €2m and this followed a dividend of €750,000 last year.
The €750,000 dividend payout last year followed a dividend payout of €1m in fiscal 2022.
Laptop is owned by Abbeygale UC in which Barry Liffey owns 75% of the share capital. The other directors of Laptop Ltd, Patrick Gerard Ryan and John O’Grady own the remaining 25% of Abbeygale UC.
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.
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 and has grown its business model on the supply of seed grain to growers, provision of the most suitable fertilisers and chemicals and the purchase back of that grain to manufacture Irish animal feed.
The Liffey Mills business last year recorded an operating profit of €6.87m and a €1.37m gain on the increase in value of financial assets contributed to the pre-tax profit of €8.27m.
Laptop Ltd recorded a post tax profit of €6.96m after incurring a corporation tax charge of €1.3m.
Numbers employed increased from 92 to 97 made up of 60 in sales and administration and 37 in production and maintenance.
Staff costs rose from €5.59m to €6.23m. Directors’ pay increased from €700,633 to €755,259. Staff costs of €5.59m in 2023 included an ex-gratia payment of €42,000 that did not re-occur last year.
The profits for last year take account of non-cash depreciation costs of €734,008.
The group made cash payments of €1.6m to acquire tangible assets while it received receipts of €487,446 from the sale of tangible assets.
Reporting by Gordon Deegan
