BELFAST-based animal nutrition company Devenish passed a quarter billion in sales last year, after global markets reopened after Covid-19 restrictions.
The company, which carries out pioneering research and development in health and sustainability throughout the food chain, saw its turnover surge by 16 per cent to £250.8 million for the year to May 31 2022.
It followed two years of falling revenue at the company.
The extra £34m in turnover saw pre-tax profits increase three-fold to £4.5m last year.
The major shareholder in Devenish is Carlow native Owen Brennan, who originally bought the company with a group of colleagues in 1997.
From a staff of 23, the business has grown into a global operation in the Brennan era, employing 563 people. It now has companies in the USA, Mexico, Turkey, Kenya, Uganda and Denmark.
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In a review of its 2022 business, published on Companies House, the directors of Devenish (NI) Ltd said the improved trading performance was down to recovery in the international markets, particularly in North America.
The directors also revealed that the rising revenue was assisted by the “forgiveness of a loan received in the North American business to help with the impact of Covid”.
Last year also marked the final tranche of insurance cash arising from the major fire at the company’s distribution centre on Belfast’s Duncrue Street in November 2019.
The directors said the income helped offset the loss of business that arose from the sale of its Derbyshire business Hi Peak Feeds Limited in February 2022.
They said the company had also felt the impact of rising raw material costs and supply chain disruption, partially it said, influenced by Russia’s invasion of Ukraine.
