Fertiliser company Ravensdown is counting what might have been in a $27m before tax profit for the last year.

The result will see the company make a $17m rebate to shareholders at $13 per tonne of fertiliser, but the numbers could have been better.

A ship running aground off the coast of Morocco, and subsequent losses in its Western Australia business meant the result wasn’t what it could have been, but chief executive Rodney Green is still pleased with the return.

“We’ve seen a very encouraging lift in New Zealand fertiliser applications, sheep and beef farmers in hill country are certainly applying fertiliser in much higher levels than we’ve seen in several years." 

Mr Green says growing interest from Australian farmers is encouraging for its business across the Tasman.

"We’ve had an extremely positive response from Australian farmers looking at the co-operative models.

"There have been a few issues around co-operative structures, but those have been worked through.”

Sales increased by 13% in New Zealand and 54% in Australia to a total of just under 1.3 million tonnes.