Operating profit jumps at Donegal Investment Group
Donegal Investment Group has reported a 61pc increase in operating profit to €3.1m in the 12 months to 31 August.
Group revenue was €45.2m for the year, while adjusted earnings per share increased by 61.9cent to 89.3cent.
During the period the company’s speciality dairy division continued to experience double digit (volume and sales) growth in both the UK and Ireland.
It’s seed potato business “while constrained by weather related seed availability”, experienced revenue growth through increased demand which generated improved trading margins, the company said in its annual results.
Geoffrey Vance, chairman of Donegal Investment Group, said the board was “very pleased” with the performance.
“The group will continue its strategic review to assess all options available to the group to maximise shareholder value, and shareholders will be updated at the appropriate time,” he added.
In August the company completed the sale of its animal feeds business Robert Smyths and Sons. Proceeds from the sale were €16.7m.
Donegal had a cash position, net of debt, of €21.3m at year end compared to a €100,000 net position in 2018.