Farmer Business Developments plc recorded a group profit after tax of €21.27 million in 2023, up from €17.93 million in the previous year.

The investment holding company is owned by Irish farmers whose shareholders founded the FBD group in the late 1960s.

The company has 27.8% of the voting rights in FBD Holdings plc whose main business is FBD Insurance, while also owning 100% of FBD Hotels and Resorts, and a diverse range of other investments including a stake in development land adjacent to the new Berlin airport .

According to the company's annual report for 2023, group profit before tax stood at just over €25 million, up from €20.4 million in 2022.

Turnover for the year was recorded at €112.9 million, up from €97 million in 2022.

The annual report shows a significant increase in dividend income from FBD Holdings plc at €17.27 million (2022: €8.72 million).

Staff costs increased from €41.8 million to €47.9 million, while administrative expenses were just over €30 million (2022: €27.8 million).

The report outlines an "exceptional performance" in 2023 for the FBD Hotels and Resorts business, recording earnings before interest, tax, depreciation, and amortization (EBITDA) of €24.13 million, an increase of 29% on the €18.75 million in 2022.

Pat Murphy, chair of Farmer Business Developments said that "the outlook for our business in 2024 remains positive, notwithstanding adverse factors in the global environment".

He said that forward bookings in Spain are "strong" and although the leisure market in Ireland has "softened in the first few months of 2024" the company remains "optimistic for the outlook for the year".

"While uncertainties around geopolitical instability remain, and we continue to experience significant inflationary pressures, in particular labour cost increases in Ireland, we are confident in management’s ability to control these cost pressures," he added.

The Berlin vehicle, Bulberry Properties, in which Farmer Business Developments has a 61% stake, was not involved in any land deals during 2023 and made a net profit of €260,000 frominvestment income.

Bulberry also took a write down in land value of €5.94 million in 2023.

"We continue to hold our prime development plot in Berlin in the expectation that when market sentiment recovers, we will maximise its value at exit," Murphy said.

The company directors recommended a dividend of 14c/ordinary share for the year 2023, which is an increase of 5c/share over last year’s payment.

"The board has good reason to be confident in the resilience and future prospects of our company.

"We are convinced that our businesses and investments will continue to reward our shareholders with superior returns," Murphy added.