The company behind Liffey Mills, the Tipperary-based feed and grain merchant, reported a 1.7% fall in operating profits to reach €2.3m for the year ended 30 June 2016. Laptop Ltd saw turnover fall 1.5% to €77.5m. Of this, €13.1m turnover related to its share in the Drummonds joint venture which was ended last year when Liffey decided to sell its stake in the business.

In 2015, Liffey Mills received €375,499 in operating profit from this JV. It did not receive any profit share during the 2016 financial year. Overall, the business, which is owned by Barry Liffey, Pat Ryan and John O'Grady recorded a 3% operating margin and a pre-tax profit of €2.3m. Liffey Mills which operates from six locations, employs 75 people across its branch network. Last year, it opened a new branch in Ennis, Co Clare.

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Drummonds profits slipped 20% in 2016