Donegal Investment Group reports half year rise in profits

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The Donegal Investment Group is reporting an increase in profits but a fall in turnover in its half yearly report which has been published today.

The statement says the board is satisfied with the first half performance, and is very pleased with the performance of the speciality dairy business, which is to be consolidated into a new brand – “Nomadic”.

The Donegal Investment Group's turnover decreased by €5.98 million in the six months to the end of June, mainly due to a reduction in animal feed prices, and the sale of surplus seed potato stock into a weak market.

Profit after tax for the period was €1.075m, an increase of almost 10% over the first half of 2013.

There were some exceptional legal costs, as well as costs associated with the merging of our Speciality Dairy Businesses and the launch of the company's new “Nomadic” brand, which will be launched onto the market in the final quarter of this year .

Net debt decreased by €2.8m from the end of last year, partly due to the sale of 245 acres of land on the Grianan Estate. Adjusted Earnings Per Share increased by 1.9c to 10.3c, and the interim dividend of 7.0 cents is being maintained.