Devenish (NI) Limited has reported on another year of growth with its latest published Consolidated Financial Statements for the year ended 31 May 2018 showing an increase of 20% in Group Turnover to £225m.
Operating profit was up from £2.8m to £3.6m. After interest, profit before tax was up 9% to £1.7m.
Belfast-headquartered Devenish is recognised as a leading provider of environmental, animal and human health solutions and a key influencer in driving health and sustainability throughout the food chain in response to the growing consumer demand for nutritious and safe food.
Established in 1952, Devenish has manufacturing sites across Ireland, the UK, USA, Turkey and Uganda, and employs more than 500 people worldwide. The company trades in over 40 countries, specialising in optimising nutrients across the food chain to proactively improve food quality, human health and the environment.
Commenting on the results, Devenish CEO Richard Kennedy said: “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.
“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.”
In 2017, Devenish acquired a 50% stake in a Turkish nutrition business Yem-Vit. This move provided the Group 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.
A significant milestone was reached in August 2018 when Devenish 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 €40m, the largest ever support for agri-business in Ireland by the European Investment Bank.