Company Report: Devenish (NI) Ltd
Devenish (NI) is a Belfast registered company with major trading interests in the UK and the United States.
The principal activities of the group are described as the creation of value by the development, manufacture and supply of quality nutrition products 'together with new technologies and distinctive customer support in the agri-food sector'.
In the most recent trading year, the group, to cope with a programme of expansion, relocated its head office into purpose-built accommodation in Clarendon Dock, Belfast. In addition, significant investment took place during the year in the Duncrue Street manufacturing site. The group also expanded as a result of the acquisition in Great Britain of Hi Peak Feeds in April 2013.
The acquisition of new business also came with the purchase of Poultry Solutions Ltd in October 2012. This was followed in April 2013 by the purchase of Shirley and Proctor Ltd.
The group now has nine subsidiary undertakings. Three are registered in Northern Ireland, two in the United States and four in Great Britain.
The expansion programme is evidenced in the continuing programme of capital spending which has been financed in part from the retention of post-tax profits and an increase in financial borrowing, some on a medium term basis.
Business turnover remained high in the last year at just over £95m. This was a small fall on a year earlier but remained over £12m higher than two years previously.
Pre-tax profits fell from 2011 to 2012 but partially recovered in the year to May 2013. Shareholders' funds have steadily increased as post-tax profits have been retained in the business.
The parent company was able in 2012-13 to finance a repurchase of a small part of the shares in issue and paid the shareholders an attractive premium on their nominal value.