The family-owned commodities giant W&R Barnett recorded a turnover of £1.8 billion in the year to July 31 2023, new accounts show.
The 15% (£234m) annual uplift in revenue was primarily driven by rising commodity prices of both paper and feed ingredients.
But the company said its costs also surged last year, rising 16% to £1.74bn.
The group remained highly profitable in the 2022/23 year, recording a pre-tax profit of £62 million.
But the inflationary costs contributed to a 10% (£7m) fall in pre-tax profit year-on year.
Headquartered in Belfast’s Clarendon Dock, W&R Barnett’s interests span dry bulk commodities, derivatives, molasses, oils, feed mills, corrugated packaging and storage.
Its company portfolio includes Thompsons, R&H Hall and United Molasses.
In total, the group employs around 1,700 people.
Originally founded in 1896, W&R Barnett is a fourth generation family business.
The ultimate controlling party is currently William Barnett (47).
In a review of the business published alongside the 202/23 accounts, the directors said: “Turnover increased in the year due rising commodity prices of both paper and feed ingredients, with volumes stable year-on-year.
“Profitability feel during the year due to the impact of an exceptional bad debt provision release in the prior year and rising costs.”
The accounts confirm that W&R Barnett continued to expand its interests in 2023.
On June 30 2023, the company acquired a 66.7% stake in corrugated cardboard packaging firm Durham Box Company for £13.4m.
W&R Barnett also acquired the remaining shares of Ceres (East Midlands) Ltd in July 2023 for £13.2m, taking its holding from 87% to 100%.
The accounts also state a dividend of £1.64m was paid to shareholders for the year ending July 31 2023.
