The company expects profit outcome for the year to fall to around €11m, from record levels of €50m during the previous period, prompting it to move away from over reliance on seasonal crops.

Speaking at ABB's recent annual general meeting, Michael Iwaniw, managing director for the company, underlined the importance on grain processors in the country diversifying their income to offset losses.

"As an agricultural business, ABB Grain cannot escape this year's drought," he said.

"However, as the harvest approached we put in place a proactive drought plan that will enable ABB grain to alleviate the worst effects of last year's drought."

This plan will see the company looking to a number of alternate grain and non-grain revenues to offset its established barley operations.

Though its malting operations remain strong – particularly with interest from Asian brewers - newly established divisions like its Pastoral and export operations will play an important role in restructuring

To help meet demands for these alternate incomes Iwaniw revealed that the group would utilise its new €75m deep-sea grain facility for both exporting and developing its goods.

"We'll examine the feasibility of exporting non-grain commodities from this new terminal such as minerals and woodchips and also discharging agricultural chemicals, soya meal and fertiliser," he said.

In order to aide this export focus, the company will also look at developing new overseas partnerships while also expanding operations in New Zealand.

These proactive measures aim to balance out further changes to the group's workforce, which has already been reduced due to post drought declines.

With the changes in place expected to make savings of around €5m, Iwaniw is confident that ABB will be in a strong position to turn around its fortunes.

"As we move towards the Australian grains industry's most challenging period, we do so knowing we have the personnel, experience and capacity to face those challenges head-on," he said.