The company behind the National Ploughing Championships, Europe's largest outdoor exhibition and agricultural trade show, reported accumulated profits of €13.1 million last year.

This marks an 8 per cent rise on the €12.1 million accumulated profit recorded 12 months earlier.

Newly-filed abridged accounts for the National Ploughing Association of Ireland, which is led by Anna May McHugh, saw the most successful championships ever last year with 281,000 attendees and more than 1,500 exhibitors.

Visitors to the championships last year spent just under €36.5 million during the three days of the event. This spending resulted in an estimated tax take of over €6.6 million for the national exchequer.

Ms McHugh, who has been involved in the championships since 1948, previously estimated it cost about €5 million to hold the annual event.

The latest accounts show the association’s investments in 2015 totalled nearly €12 million, the bulk of which comprised fixed-term deposits. The organisation had cash in the bank of €781,000 at the end of the year.

The first inter-county ploughing content took place in 1931 following an argument between two friends who argued over whose respective counties had the best ploughmen.

Over the years the event has expanded from requiring a small field of 26 acres to needing more than 600 acres of land, of which about 180 acres is set aside for ploughing.

Trade purchases at last year’s event were in excess of €9.6 million, while food expenditure by attendees totalled €9.5 million. Personal shopping expenditure was estimated at more than €7 million.

The 85th National Ploughing Championships will take place in Screggan, Tullamore, Co Offaly, from September 20th to the 22nd.