Revenues advance 3.3% at Donegal Investment Group

Revenues advanced by 3.3 per cent at Donegal Investment Group in the first eight months of the year, driven mainly by growth in its produce division.

In the eight months to August 31st 2016, earnings grew to €47.5 million at the agribusiness group, driven mainly by growth in its produce division. The group, formerly known as Donegal Creameries, reported a pre-tax loss of €545,000, down from a profit of €2 million reported in the same period in 2015, which is substantially due to legal costs relating to the group’s shareholding in Monaghan Mushrooms. Net debt increased by €600,000 to €14.9 million as of August 31st 2016. Adjusted operating profits increased by €1.3 million to €1.3 million “as a result of improved performance in all businesses”.

The group’s three main divisions produce, food-agri and associates all recorded improved performance.

“During the course of the coming year, the group will continue to review options to further release capital from non-core businesses and assets and has recently marketed the Grianan Estate farm,” the firm said in a statement.The group put the estate, one of the largest farms in Ireland which is located in Co Donegal, on the market in June with a guide price of €17 million.

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Legal dispute

With regard to the ongoing legal dispute with Monaghan Mushrooms, the group said it has transferred its investment to an asset held for sale and will no longer take a share of profits into its results.

An interim dividend of 5.0 cent per share is to be offered by the firm.

The group also announced it has changed its year end from December 31st to August 31st, to allow it to have greater visibility on the seasonal performance of its produce and animal feeds business in advance of each new year.