Donegal's gains were partially offset by falling demand for certified potato seeds.
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The Donegal Investment Group has reported an operating profit of €654,000 for the first six months of the year – almost double the figure from the same period last year.
Half-year revenues fell slightly by €0.1m to just over €39m, while profit after tax increased significantly to almost €2m.
The group attributed the improved performance to the continued growth in its speciality dairy business, as well as positive currency movements. The majority of its dairy products are sold in urban centres in the UK, with the current depreciation of the euro positively affecting results.
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These gains were partially offset by a difficult six months for its produce division as a result of falling demand for certified potato seeds across Europe.
However, the Donegal Investment Group says it is optimistic that its produce division will return to levels of profit more consistent for the business during the second half of the year.
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The Donegal Investment Group has reported an operating profit of €654,000 for the first six months of the year – almost double the figure from the same period last year.
Half-year revenues fell slightly by €0.1m to just over €39m, while profit after tax increased significantly to almost €2m.
The group attributed the improved performance to the continued growth in its speciality dairy business, as well as positive currency movements. The majority of its dairy products are sold in urban centres in the UK, with the current depreciation of the euro positively affecting results.
These gains were partially offset by a difficult six months for its produce division as a result of falling demand for certified potato seeds across Europe.
However, the Donegal Investment Group says it is optimistic that its produce division will return to levels of profit more consistent for the business during the second half of the year.
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