Donegal Investment Group has reported a 61% annual increase in operating profit to €3.1 million, its latest financial results show.
The potato seed and dairy producer's group revenue increased by 11.4% to €45.2 million in the 12 months to 31 August, 2019.
"Speciality dairy continued to experience double digit (volume and sales) growth in both the UK and Ireland in 2019 with a significant capital project currently underway which will double capacity in our Killygordon based business," said Geoffrey Vance, chairman of Donegal Investment Group.
During the period the company saw 'strong demand for it produce businesses’ seed potato varieties.'
However, Vance said that adverse weather conditions in European growing areas impacted the 2018/2019 potato crops which led to poor availability of seed in the wider market.
"Our seed potato business experienced growing demand for its proprietary varieties which combined with strong trading margins delivered an excellent performance for the year." Vance said.
"We continue to invest in the development of innovative seed potato with six new varieties commencing commercialisation in the coming year."
© 2018 Checkout – your source for the latest Irish retail news. Article by Donna Ahern. Click subscribe to sign up for the Checkout print edition.