Business

Grain firm Barnett's sales rise to £1.3 billion

W&R Barnett, parent company of Thompson Feeds, saw its sales rise to £1.3 billion in the year to last July. Picture: Hugh Russell
W&R Barnett, parent company of Thompson Feeds, saw its sales rise to £1.3 billion in the year to last July. Picture: Hugh Russell W&R Barnett, parent company of Thompson Feeds, saw its sales rise to £1.3 billion in the year to last July. Picture: Hugh Russell

SALES at one of Northern Ireland’s biggest companies have surpassed the £1.3 billion mark.

W&R Barnett, the holding company of a diversified group of international commodity trading, storage and agribusiness and industrial companies including Thompson Feeds, also saw its pre-tax profits grow by £7.5 million to £50.9 million during the year to July 2021.

The company said: “Turnover increased in the year due to a combination of increased commodity volumes and rising process of both paper and feed ingredients. Profitability was positively impacted by higher volumes and improved levels of gross profits.”

During the period quoted the group acquired 13.33 per cent of the issued shares of Logson Holdings Ltd — a UK-based group of corrugated packaging companies — giving it total ownership.

It also acquired 50 per cent of the issued shares of Kruden Ltd and Premier Molasses Company Ltd for £18.1m in another move that will see its future accounts grow further.

Challenges during the year were limited, according to the company, with the nature of the business — commodities within the food chain — sheltering it from the adverse effects of Brexit and the pandemic.

The report added: “The directors are confident that the group is in a strong position to react quickly at the appropriate time, as the future UK/EU relationship develops, in order to continue to provide the highest levels of services to our customers.”

It continued: “The group has been largely protected from the financial business consequences of the ongoing Covid-19 spread…”

It did however suffer a major fire at one of its grain and feed storage facilities in Ringaskiddy which is held by its subsidiary R&H Hall Limited. That event, in January 2021, resulted in the loss of stock and damage costs.

It added: “The majority of the losses are expected to be covered by the proceeds of a claim under our insurance policies.”

Staff numbers at the business grew by 55, bringing its headcount to 1,684.

Looking to the future, W&R Barnett said it will continue to invest in research and development, particularly in the area of animal feeds and corrugated board and packaging solutions.

Founded in 1896, the group has grown from its origins as a grain merchant and expanded its operations to include a wide variety of enterprises.

The company is a fourth generation family business led by William Barnett — a descendant of the original founder, also William Barnett.