BELFAST grain and animal feed producer W&R Barnett has again retained its position in Northern Ireland's elite cohort of companies with £1 billion-plus sales, despite having a more difficult last trading year
But the Barnett business, which also includes enterprises covering dry bulk commodities, derivatives, molasses, oils, feed mills, corrugated packaging, laboratory testing and storage, has strengthened its position with another series of acquisitions, including assuming full ownership of companies in which it previously only had a shared interest.
Figures filed at Companies House for the 12 months to July 31 last show that the 125-year-old family group posted a profit after tax of £34 million, which was down from £41.7 million a year earlier.
That came on a slightly reduced turnover of £1,136 million in 2020, compared with £1,355 million the previous year.
Barnett continues to invest heavily in its business, the accounts reveal.
Just weeks before its year-end, the group acquired 13.33 per cent of the shared of Logson Holdings for £19.6m, bringing its holding to 86.7 per cent. And in November past it then paid another £19m to buy the remainder of Logson and assume complete ownership.
In December Barnett also acquired the necessary 50 per cent of Kruden Ltd and Premier Molasses from Greencore Holdings for £15.5m to give it full ownership.
The fourth-generation Barnett company, which also has interests in oils and molasses as well as packaging, animal feeds, storage and horse breeding, saw its staff numbers rise slightly from 1,613 to 1,629, though its wages bill actually reduced from £68.9m to £67.5m.
The directors' salaries also reduced (down from £3.3m to £2.6m), with the highest-paid of them earning £559,000 (against £709,000 last time).
The accounts show that adjustments in computations dating back to 2011 meant Barnett's tax on its profits more than doubled from £4.6m to £9.7m.
In the strategic report accompanying the accounts, the directors said the company was largely protected from the consequences of the Covid spread due to its position in the food supply chain.
"There has been no material adverse impact on the supply and demand for our primary products and services, with operating results remaining in line with expectations," the directors said in their report with the results.
"The group maintains a strong balance sheet and has sufficient cash reserves, borrowing facilities and working capital to operate as a going concern."
During the year the company again increased its charitable donations up from £190,000 to £280,000), and the directors recommend paying a final dividend of £1.5 million (up from £1.47m).
