Belfast-based agri-tech company Devenish Limited has reported another year of growth as it posted a 20% increase in group turnover, to €261 million, for the year ending 31 May 2018.
Operating profit for the period was up from €3.2million to €4.2 million with profit before tax increasing by 9% to €1.97 million.
"2017-18 marked a significant year of growth for Devenish. These results reflect our strategy of building a growth organisation through continued reinvestment into researching, developing and commercialising animal nutrition solutions that address the challenges facing farmers and food producers today,” Devenish CEO Richard Kennedy said.
"Our R&D investment is targeted at health, food and the promotion of sustainable farming, creating a pipeline of solutions that differentiates us in the marketplace."
The group, with manufacturing sites across Ireland, the UK, USA, Turkey, and Uganda, is a key influencer in driving health and sustainability throughout the food chain in response to the growing consumer demand for nutritious and safe food.
In 2017, the group acquired a 50% stake in a Turkish nutrition business Yem-Vit, which provided it with manufacturing capabilities closer to some of its key export markets, expected to drive future growth.
It also represents another step in the internationalisation of the business, adding to its overseas operations.
Last year, the group completed a refinancing of their business through a long-term funding package that will underwrite its R&D programme and support growth across the Group.
The package included a pioneering facility of €40 million, the largest ever support for agri-business in Ireland by the European Investment Bank.
© 2019 Checkout – your source for the latest Irish retail news. Article by Aidan O’Sullivan. Click subscribe to sign up for the Checkout print edition.