Company Report: Devenish
Devenish (NI) is a Northern Ireland registered company with a range of subsidiary companies involving several important international activities. The group is heavily committed to research and development activities (R&D) that are adding to the commercial value of its nutrition animal feed products.
The group has 14 active subsidiary companies including four registered in the USA and companies registered in Mexico and Denmark.
More recently, the group has acquired 50% of the share capital of a business in Turkey. The group head office is in the Clarendon Dock in Belfast. A main subsidiary is Devenish Nutrition.
In August 2018 the group, as part of a refinancing package, received a €40 investment from the European Investment Bank.
The principal activities of the group are the creation of value through the development of quality nutrition products for the agri-food sector. This is supported by continuing significant spending on research and development.
The accounting treatment for R&D has, in recent years (2016 and 2017), lead to the presentation of trading and pre-tax profits (formerly) using concepts outside the UK GAAP accounting practice. The results presented here have been restated in line with the UK GAAP.
In the last four years, business turnover has increased strongly from £95m in the year to May 2013 to £334m in the year to May 2018.
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Capital spending, including spending on capitalised intangible assets, rose sharply in 2017-18 to reach £7m.
The balance sheet value of shareholders' funds has more than doubled in the last five years, from over £12m in May 2013 to over £29m in May 2018.
Employment in the group averaged 441 people last year, an increase of 11%.