Business

Belfast agri-tech firm Devenish reports turnover of £225m in 'significant' year of growth

Devenish CEO, Richard Kennedy
Gareth McKeown

BELFAST agri technology company, Devenish has reported a turnover uplift of 20 per cent to £225 million, according to its latest accounts.

Devenish -which has grown from a Northern Ireland trading company to an international leader in animal nutrition, human health and environmental sustainability - has seen revenue rise by £38m in the year ending May 31.

Pre-tax profit has also increased by 9 per cent over the year from £1.5m to £1.7m, while operating profit grew by over a third in 12 months from £2.8m to £3.6m.

Devenish CEO, Richard Kennedy said the latest financial figures highlight a "a significant year of growth" at the company.

"These results reflect our strategy of building a growth organisation through continued reinvestment into researching, developing and commercialising animal nutrition solutions that address the challenges facing farmers and food producers today."

“Our R&D investment is targeted at health, food and the promotion of sustainable farming, creating a pipeline of solutions that differentiates us in the marketplace," he said

Founded in 1952, Devenish has manufacturing sites across Ireland, the UK, USA, Turkey and Uganda, and employs more than 500 people worldwide. The company trades in over 40 countries, specialising in optimising nutrients across the food chain to proactively improve food quality, human health and the environment.

In August the company secured €118 million (£101.3m) in long-term funding to facilitate its research, development and growth plans - including the construction of a €40m (£34.3m) global innovation centre in the Republic.

The pioneering refinancing deal includes the largest ever European Investment Bank support for agri-business in Ireland (some €40m), along with further commitments from Devenish's new commercial finance partners, Ulster Bank and Danske Bank.

Devenish has ambitious long-term growth plans between now and 2021, which include increasing turnover to £315m and adding to its employee base.

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