FAMILY owned commodities giant W&R Barnett has posted a pre-tax profit of £69 million after a record year in which the Belfast business generated £1.575 billion in turnover.
New accounts for the grain and animal feed producer show it fully recovered from the impact of the Covid-19 pandemic last year, with turnover for the year ending July 31 2022 surpassing 2019 levels.
W&R Barnett is the holding company for the group’s diversified cohort of business interests, which cross the international commodity trading, storage, agri-business and industrial sectors. Its interests include Thompsons, R&H Hall and United Molasses.
Originally founded in 1896, the group's ultimate controlling party is currently William Barnett (46).
Its latest annual report revealed that group turnover increased by £300 million last year (23.5 per cent) to £1.575bn, the first time group revenues have exceeded pre-pandemic levels.
Costs also soared by 23 per cent in the 12-month period, rising by £283m to £1.5bn.
The group’s workforce grew again last year, reaching 1,712. That took total staff costs to £76.5m, around £7.5m more than in 2019.
But the fourth generation family-owned business managed to record an incredibly profitable year. And even with a £13m tax bill for 2022, the £56.2m bottom line profit was its best ever.
Profits were boosted by the disposal of Bio Search (NI) Ltd, which was sold for £2.3m in July 2022.
The trading period also saw the Barnett group acquire Newby Packaging Limited in April 2022 for £7.4m.
In a brief review of its 2022 performance, W&R Barnett’s directors said the rise in turnover was due to a combination of increased commodity volumes and raising prices of both paper and feed ingredients.
“Profitability was positively impacted by higher volumes and improved levels of gross profits,” they added.
The directors said continuing to invest in research and development remains key for the business “to provide superior products, service and business solutions to customers”.
The group’s R&D focus is primarily in the areas of manufacturing of animal feeds and the manufacture and design of corrugated board cases and packaging solutions.
Meanwhile, the accounts also reveal that W&R Barnett subsidiary Brumor Limited, has entered in to a commitment to develop a £16.7m industrial building at Eurocentral near Glasgow, one Scotland’s biggest industrial estates.
