2 days ago
- Business
- Belfast Telegraph
Profits rise at NI family firm despite £200m fall in turnover
W&R Barnett Holdings saw profits before tax go up despite a reduction in turnover to £1.5bn in the financial year ending 31 July 2024.
The holding company brings together different enterprises including commodity trading, storage and agribusiness firms, all held as subsidiaries.
It is a fourth-generation family business, having been founded in 1896 as a grain merchant.
The company now also deals in bulk commodities, derivatives, molasses, feed mills and furniture manufacturing.
The most recently-published accounts reveal 'satisfactory' company performance, in the opinion of the directors.
The directors state: 'Turnover decreased in the year due to falling commodity prices of both paper and feed ingredients, with volumes stable year on year.
'Profitability increased during the year due to improved trading conditions.'
W&R Barnett Holdings made three major acquisitions in the period covered by the accounts: Challenge Packaging Limited in December 2023, a 85% stake in Andean Life Limited in 31 January and in March 2024 a 100% purchase of K-Bins Limited.
These acquisitions have continued beyond the period covered by the accounts, with the purchase of a majority position in English furniture manufacturer the Symphony Group.
Turnover at the holding company fell by 13% between the 2024 and 2024 financial years, from £1.8bn to £1.57bn.
The company's margins were helped by a proportional fall in net operating expenses of 14%, from £1.74bn to £1.5bn.
There were also increases to some areas of income, with interest receivable getting a 66% boost from £4.4m to £7.3m.
The directors also describe their balance sheet as 'strong', with cash at bank and in hand staying around £126m across the two years.
The amount owed to creditors due within one year was also largely consistent, with a £2m rise to £190m in 2024, while money owed by debtors dropped by £10m to £204m. There was also a 74% rise in the value of investments, from £30m to £52m.
Average monthly staff numbers rose by over 100 at W&R Barnett, from 1,703 to 1,806, while there was a 12% increase in total staff costs, as that figure rose from £83.4m to £93.6m.
Overall, the holding company saw an 8% growth in profits before tax between 2023 and 2024, rising from £61.9m to £66.9m.
The director's report says the firm is continuing to 'invest in research and development', including in the "manufacturing of animal feeds and the manufacture and design of corrugated board, cases and packaging solutions'.
Recent years have seen W&R Barnett Holding ranked as one of Northern Ireland's most successful companies both for revenue and profits before tax. It was eighth in the Belfast Telegraph Top 100 Companies in partnership with Grant Thornton in 2025.
