Turnover up 20% at Devenish after another year of significant growth
The Belfast-headquartered agri-nutrition company Devenish recorded a 20% rise in turnover last year.
Devenish (NI) Limited yesterday published its consolidated financial statement for the 12 months to May 31, 2018. Turnover was £225m for the year, with operating profits rising from £2.8m to £3.6m. Pre-tax profits rose 9% to £1.7m.
The new report reflected the steady worldwide growth of the group, which now employs just over 500 people, trading in over 40 countries. Devenish has manufacturing sites across Ireland, the UK, USA, Turkey and Uganda. It's also actively building a new factory in Mexico.
The company has invested significantly in research and development, evolving into a leading provider of environmental, animal and human health solutions.
Its latest financial report notes that Devenish completed a refinancing of its business in August 2018, which it said will underwrite its R&D programme and support its ongoing growth.
It included €40m (£34m) from the European Investment Bank, the largest ever support for an agri-business with operations in the Republic.
In 2017 Devenish also acquired a 50% stake in a Turkish nutrition business Yem-Vit, providing a stepping stone into the Middle East and African markets.
Devenish chief executive Richard Kennedy (left) said 2017-18 marked a significant year of growth: "These results reflect our strategy of building through continued reinvestment into researching, developing and commercialising animal nutrition solutions that address the challenges facing farmers and food producers today," he explained.
"Our R&D investment is targeted at health, food and the promotion of sustainable farming, creating solutions that differentiates us in the marketplace."