Agri tech company Devenish reports ‘solid' set of financial results despite wider economic challenges
AGRI-tech firm Devenish has reported what its chief executive has described as a ‘solid' set of financial results for its last financial year.
Group turnover in the year to May 31 showing an increase of 2 per cent to £228 million while operating profit was flat at £3.6 million.
After increased interest charges, profit before tax was £757,000.
Headquartered in Belfast, with sites across Ireland, the UK, USA, Turkey and Uganda, Devenish provides environmental, animal and human health solutions.
Employing more than 500 people globally and trading in over 50 countries, it carries out pioneering research and development in health and sustainability throughout the food chain in response to the growing consumer demand for safe, nutritious and sustainably produced food.
Chief executive Richard Kennedy, said: “We're pleased to report a solid set of financial results, achieved during a time that was not without significant challenge, in particular the prolonged period of economic uncertainty surrounding Brexit.
“Due to our future-focused strategy, the commitment and talent of our people and our ongoing reinvestment into growing our business, we have maintained our position and look forward with confidence to the opportunities ahead.”
Throughout the financial year Devenish continued to reinvest significantly into researching, developing and commercialising animal nutrition and sustainability solutions to meet the future challenges facing farmers and food producers.
Through its ‘One Health – Soil to Society' strategy, its work optimises nutrients throughout the food chain to improve soil, animal and ultimately human health.
The business' research farm at Dowth in Co Meath has been internationally acclaimed for its ground-breaking research into sustainable agriculture and food production, helping food producers across the supply chain withstand the challenges posed by climate change.
With a strategic focus on international growth, Devenish also continued to invest heavily into new and emerging markets throughout the year, establishing and growing its presence in Latin America and Africa in particular.