Feed manufacturer Devenish Nutrition has reported increased in profit and sales from its latest full year of trading.
The Belfast-based business made an operating profit of £3.6 million on revenues of £225m in the year to May 31st 2018, compared to £2.8m and £187m in the previous financial year. The pre-tax profit figure rose 9% to £1.7m.
The latest period saw Devenish acquire a 50% stake in the Turkish feed company Yem-Vit. The move allows the Group manufacturing capability closer to some of its key export markets, where it expects future growth, as well as representing a further step in its internationalisation. It now trades in more than 40 country markets.
In August, Devenish completed a refinancing programme with a long-term funding package to underwrite its R&D investment and support future growth. The package included a pioneering facility of €40m, the largest ever support for agri-business in Ireland made by the European Investment Bank.
“The 2017-18 year marked a significant year of growth for Devenish,” comments Group chief executive Richard Kennedy. “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.
“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.”