Donegal Investment Group revenues fall by 6.9pc
Donegal Investment Group, formerly Donegal Creameries, has announced a near 7pc drop in revenue to just under €81m in 2014.
This compared to turnover of €86.7m in 2013 that contributed to a fall in operating profit from €2.9m in 2013 to €900,000 last year.
The company said that the decline was attributable “to the performance of our animal feeds business, Smyths, and our produce seed potato business.”
Both price and volume in the animal feeds division fell due to a slowdown in demand, which was strong in the first half of 2013 due to “exceptional adverse weather conditions”.
The firm added that its seed potato business was hit by several factors “which has resulted in a segmental loss of €0.8m in comparison with a segmental profit of €1.8m in 2013.”
Adjusted earnings per share of 28.2c was down by 44pc compared to 2013.
The dividend per share was maintained at 16c.