Donegal Investment Group announces increased profit and revenue in 2013

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The Donegal Investment Group, formerly Donegal Creameries has announced an increase in profits since selling the bulk of its dairy division to Connaught Gold.

In it's statement for 2013 which has been published today, the company says its adjusted Operating Profit increased from €1.8m to €2.9m, with an increase in revenue of just over 8%.

In its statement published today, Donegal Investment Group says the results reflect further progress on the decision in 2012 to reposition the Group around a more focused and streamlined group of businesses with seed potato business at its core.

This was further reflected in the subsequent name change approved by shareholders at the last AGM.

Looking ahead, the group promises a continued focus on our the three strategic areas of produce seed potato, speciality dairy and associate investments.

As a result of the performance last year, the dividend per share is maintained at 16 cent, and the net asset value per share is up 13c to €5.88.

The group says net debt was reduced by €6m to €15.7m, and during this year it will continue to review options to release capital from its non-strategic businesses and assets.

 

Continuing operations – pre-exceptional  

 

2013

***

2012

Change

Revenue - continuing operations €’000

86,760

80,246

+8.1%

Adjusted operating profit €’000

2,927

1,839

+59.2%

Profit after tax – continuing operations €’000

4,855

4,404

+10.2%

Operating cash flow before interest & tax €’000

4,525

1,763

+2,762

Adjusted earnings per share* Cent

50.4c

44.4c

+13.5%

Basic earnings per share – continuing operations Cent

46.0c

14.7c

+31.3c

Net Debt €’000

15,735

21,715

-5,980

Dividend per share Cent

16c

16c

-

Investment property carrying value €’000

24,389

25,675

-1,286

Net asset value per share**

5.88

5.75

+ 0.13