Donegal Investment Group reports €200,000 drop in revenue

The Donegal Investment Group, formerly Donegal Creameries has reported a €200,000 decrease in revenue to €76.2 million for the past 12 months, ending 31st August 2018.
Meanwhile, trading profits are said to be marginally ahead of the previous year at €4.7 million with adjusted operating profit decreasing by €700,000 for the year to €4 million.
The Donegal Investment Group is reporting a 4% increase in pre-tax profit.
However, revenues fell as the company says poor weather resulted in lower than expected yields leading to a reduction in availability of seed potato with volumes then sold lower than planned.
Revenue in the produce division dropped €3.8 million to €25.7 million as the company restructured its Brazilian business and discontinued some local growing activities.
The company’s food-agri and property division delivered revenue of €50.3 million with its Nomadic yogurt brand and animal feeds.
The board says they are satisfied with the group’s trading businesses performance and the return of €45 million in capital to shareholders in May 2018.
At the start of the year the Donegal Investment Group received more than €45 million for the sale of their 30% share in Monaghan Mushrooms.
Following that return of capital the group had a cash position net of debt of €100,000 at the year end, down from almost €7 million in 2017.
http://www.donegaligroup.com/news/announcement-of-results-31-august-2018/