Donegal Investment Group reports increased growth and profits

The Donegal Investment Group, formerly Donegal Creameries, has indicated a “significant” capital project is expected to double capacity in its Killygordon based business.
It comes as has the group reports higher revenues and profits for the year to the end of August, with growth in the seed potato and specialist dairy businesses.
Over the year to the end of August, group revenue for the year grew by 11.4%, while profit from operational activities increased by over 61%.

The report says its “Nomadic” brand speciality dairy product saw double digit growth in Ireland and the UK, and while there were some constraints as a result of adverse weather, Donegal’s seed potato business saw increased demand for its proprietary varieties.
On Brexit, the report says the company is “very mindful” of the challenges presented, but remains confident in the strength of its brand, and management’s ability to deliver continued double-digit growth.
During the year, the company sold off its animal feeds business Smyths, with chairman Geoffrey Vance saying the group will continue its strategic review to assess all options available to the group to maximise shareholder value.
He also confirmed that works underway at the company’s Killygordon facility will see capacity at the plant doubled into the future.
The full report can be accessed HERE