Agri firm back in black from €7.6m loss

THE Galway-based agri-business firm Thomas McDonogh & Sons returned to the black last year after selling off a large part of the company.

According to the latest accounts, which cover the year to end September 2005, it made a pre-tax profit of just under €867,000 compared to a loss of €7.6 million in the previous year.

The profit came following a restructuring of the business and the sale of assets, which boosted the company’s coffers by over €4m.

Turnover from continuing operations for the year was €25.8m compared to €30.4m in the year to September 30, 2004.

The company, which has sold products such as fertiliser, hardware and building materials, had turnover of nearly €145m two years ago but had to undergo a dramatic restructuring when it fell into the red. The company’s fertiliser unit has since been sold off.

Its balance sheet also looked much healthier at the year end. The company’s long-term debt, which stood at nearly €10m in 2004, has been wiped out and shareholders’ funds have increased from €52.8m to €53m.