Belfast Telegraph

Devenish turnover and employment on the up

Company Report

Devenish (NI) is a growing Northern Ireland registered company with major trading interests across the UK and in the US.

The group head office is in the Clarendon Dock area of Belfast and there has been recent, significant investment in a manufacturing site in Duncrue Street.

The principal activities of the Devenish Group are described as the creation of value by the development, manufacture and supply of quality nutrition products with new technologies and distinctive customer support in the agri-food sector.

Following earlier acquisitions in 2012, the group, in April 2013, acquired Hi Peak Feeds in Great Britain. More recently, the group acquired 100% of the share capital of A One Feed Supplements, the trading business of Paul Twining Associates, the Clover Partnership and Vitrition Organic Feeds. It also completed the acquisition of the 'Orgamin' brand name.

Business turnover, which was stable in 2012 and 2013, expanded more strongly in 2013-14 to reach nearly £103m and further to £118m in 2014-15 - a 15% increase on the preceding year.

The group has taken the unusual step of presenting its profits in line with the usual UK GAAP concepts, but has also stated an alternative presentation which states operating profits and pre-tax profits after allowing the effect of the R&D spending as offset by the accrual of the tax relief which is due on the R&D. This has the effect of increasing stated pre-tax profits by large amounts.

On this basis, operating profits in 2014-15 rose by 30% to £6.2m after a recovery in the year to May 2013. Pre-tax profits, after deduction of net interest payments also increased.

Capital spending rose sharply in 2013-14 to reach £6.4m and fell back in 2014-15 to £2.6m. However, in 2014-15 the group spent £8.3m on acquisitions and nearly £1.5m related to intangible assets.

The balance sheet valuation of shareholders' funds has increased as post-tax profits have been retained in the business and reached just under £15m at the end of May 2014 and has now risen to over £21m at the end of May 2015..

Employment by the group has increased in recent years to an average of 200 people in 2014 rising to 294 more recently.

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