Northern Ireland agri-tech firm Devenish has reported what its chief executive has described as a "solid" set of financial results for the financial year 2018-19.
Devenish (NI) Limited published its latest Consolidated Financial Statements for the year ended May 31, 2019, showing an increase of 2% in group turnover to £228 million.
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 is a leading provider of environmental, animal and human health solutions.
Employing over 500 people globally and trading in over 50 countries, Devenish 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.
Speaking about the business’ most recent financial results, Devenish chief executive Richard Kennedy, said: “We are 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 2018-19, 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, Devenish’s work optimises nutrients throughout the food chain to improve soil, animal and ultimately human health.
The business’ research farm at Dowth, Co. Meath, has been internationally acclaimed for its groundbreaking 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.