Company Report: Devenish
Devenish (N.I.) is a growing Northern Ireland-registered company with major trading interests across the UK and in the US.
The 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.
Turnover was stable in 2012 and 2013 but has expanded strongly to reach £126m in 2015 and further to £147m in 2016 - a 16% increase on the preceding year.
The group has taken the unusual step of presenting its profits on an alternative basis which states operating profits and pre-tax profits after allowing the effect of the research and development (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 2015 rose by 28% to £6.1m but have fallen more recently by 26% to £4.6m in 2016.
Pre-tax profits, after deduction of net interest payments, also fell.
Capital spending continued at a significant level in recent years with £2.6m spent on assets in 2015 and £3.4m in 2016.
In 2015 the group spent £8.3m on acquisitions and nearly £1.5m related to intangible assets, which was followed in 2016 by acquisitions costing £0.3m and £0.7m related to intangible assets. The group has 15 subsidiary companies in the USA, Mexico, Denmark and the UK.