Seed company sees pre-tax profits grow by 18%

Pre-tax profits at Co Cork-based seed manufacturer, Goldcrop last year increased 18% to €1.69m in spite of a drop in revenues.

New figures show that revenues at Goldcrop Holdings declined 6%, from €49.85m to €46.67m, in the 12 months to the end of December.

The principal activity of the group is the manufacture of cereal, seeds, and animal feed and the wholesale of agricultural inputs, horticultural seeds and plants.

The firm’s headquarters is located at Carrigtwohill outside Cork City and the numbers employed by it last year increased from 75 to 78 with staff costs totalling €3.94m.

The figures show that the firm recorded a net gain of €665,921 from the closure of its defined benefit pension scheme and an exceptional loss associated with an investment in a joint venture.

The company last year increased operating profits 10% to €2m, though net interest payments of €317,171 reduced the firm’s profits to €1.69m. The company’s shareholder funds at the end of December stood at €10.2m. Goldcrop’s accumulated profits stood at €9.22m, which included cash of €617,280.

Emoluments for directors, including pension contribution last year reduced from €192,111 to €178,850 while the firm’s non-cash depreciation costs totalled €344,006. The firm’s operating lease charges totalled €152,492.

At the end of last year, the firm owed €283,610 to its directors while the directors owed the firm €180,971.