Donegal Investment Group discontinues dividend

Donegal Investment Group, a group with a number of interests in the agribusiness sector, told shareholders the company will "discontinue the payment of dividends for the foreseeable future". Instead, shareholder capital will be returned "in the more tax-efficient form of a share buy-back programme", shareholders heard at the company's agm on Wednesday.

Geoffrey Vance, the company's chairman, said that "the group's overall performance was on plan for the new financial year to August 31st, 2017" while noting that the "first six months of trading represents a materially significant element of the group's full-year performance" due to "the seasonal nature of the group's seed potato business and animal feeds business".

The group’s interim results for the six months to the end of February 2017 show that adjusted operating profit increased by €2 million to €3.5 million while net debt at the company decreased by €1.6 million to €16.4 million.

For the same period, however, group revenue declined by €3.5 million compared to the same period the previous year and stood at €46.4 million in the six months to the end of February.

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Ian Ireland, managing director of Donegal Investment Group, told the agm he expects adjusted earnings per share of 30c to 32c for the full year.

All of the resolutions were approved by shareholders at the agm.