Company Report: Westland Horticulture
Westland Horticulture has its main base in Dungannon, although its registered address is in Belfast. The company is a wholly-owned subsidiary of Isle of Man parent, Westland Holdings. The principal activities of the local firm are the processing and distribution of products for the gardening and horticulture markets, and the sale of bird seed and related products.
The company engaged in a significant restructuring in the trading period to the end of August 2015. Three subsidiary undertakings - Cronus Logistics, Crest Garden and SP Zoo companies - were disposed of to the parent company. This involved an unusual 'dividend in specie' which, since these subsidiaries had net liabilities, resulted in an increase in shareholders' funds in each of the two most recent trading periods.
The trading results for the year to August 2016 do not compare readily with the results in the previous periods.
If the turnover and profit figures for the eight month period to August 2015 are adjusted on a pro rata basis to a 12 month equivalent, then the most recent period has been less successful than the previous one. However, the company registered continuing profits and, with post-tax retained profits, the value of shareholders' funds increased.
In the most recent financial year, the company paid a dividend of £1.5m to its holding company shareholder. Employment in the group has increased 38% to 590.