26-05-2025
- Business
- Belfast Telegraph
Pre-tax profits down £2m at Co Tyrone horticultural business
Westland Horticulture's results for the year ending September 1 2024 show that the company's turnover remained around £228m between the last two financial years, while costs increased in a number of areas.
Westland has been in business since 1990, and the Dungannon-based firm has grown to become one of the UK's largest horticulture businesses.
In the last two accounting periods, turnover fell only by a fraction of a percent, going from £228.9m to £228.4m. The strategic report attached to the accounts describes the sales in the period as stable, with growth being a long-term objective.
Distribution and administrative costs went up in the same time period, however, by a cumulative total of over £4m. These were offset by a slight drop in cost of sales, as it fell from £166m to £163m.
There was positive movement on the company's balance sheet, as cash in bank and at hand went up over by £10m to £43m.
The amount of money owed to creditors due within 12 months fell by over £30m to a final figure £56.4m.
Employee numbers fell slightly between the two years, with the average monthly number of employees going down from 788 to 764.
The costs related to employment remained stable during the same timeframe, from £37.4m to £37.1m. Total directors' remuneration also went up a small amount, from £1.1m to £1.2m.
Overall, the company's profit before tax went down slightly in the period, falling from £18.9m earned in 2023, to a total of £16.9m in 2024.
In the directors' report, the leaders of the firm say they expect the company to continuing generating cash in the coming accounting period: 'The directors have considered the group and company's financial performance and cash flows for the period to August 31 2026, including modelling sensitivities that consider the risk of reductions in revenues and increased costs due to more adverse trading conditions and inflationary costs.
'These financial forecasts and sensitivities show the group and company are expected to continue to be cash generative taking account of possible changes in trading performance and will continue to operate within their facilities and meet their obligations as they fall due for the period to August 31 2026.'
