Devenish Nutrition grows sales to £126 million
ANIMAL feed firm Devenish has posted a more than 23 per cent surge in sales to £126.7 million last year.
The Belfast-headquartered company provides feed for the livestock sector specialising in food for pigs, poultry, cattle, sheep and horses as well as pets.
Although turnover increased, the company actually recorded an operating loss of £1.4m for the year to May 2015, following a £2.5m profit the previous year.
However, directors said: "R&D tax credits have significantly impacted the results in arriving at a profit for the year of £5,786,101 (2014: £3,168,257)".
In their strategic report filed with financials at Companies House, the directors described it as a "satisfactory performance for the year given the level of investment in research and development activities".
The group's net assets at the end of the financial year grew to £21.1m from just under £15m at the previous year end.
The company completed a number of acquisitions during the year including of A One Feed Supplements, veterinary business Clover Partnership and Vitrition Organic Feeds.
It also acquired the Orgamin brand name.
Directors said the would continue to seek, "opportunities to grow the business organically and by acquisition, and remain very committed to a substantial investment in research and development, and innovation".
The firm's payroll increased substantially over the year from 200 to 294.
That saw the wage bill balloon from £11.1m to £14.6m while director's remuneration amounted to £607,565 with the highest paid receiving £381,191.
The directors did not recommend the payment of a dividend.
The company was founded in 1952 and initially trading in animal feed but it now makes 90 per cent of its products in house.
The firm also has two manufacturing plants in the United States at Iowa and Minnesota as well as a network of distributors throughout Europe, Asia, and the Middle East.