Devenish Nutrition reported an operating profit of £3.26m for the year ended 31 May 2025, an £8m improvement on the performance over the previous reporting period.
The 12 months to May 2025 was a year of consolidation for the company after a period of considerable change which saw new management come in and the sale of both the North American business and the estate at Dowth, Co Meath.
Tony McEntee, who led the changes following his appointment as chief executive, told the Irish Farmers Journal that the company has gone through a lot of restructuring, but now is a “business that is self-sustaining and is creating scope for investment”.
He said that the company is currently “within a couple of weeks” of opening a pre-mix plant in Moynalty, Co Meath at the site of the former Volac calf-milk replacer facility.
The facility is expected to employ more than 10 people
McEntee said the plant will be producing ruminant premix as well as poultry premix by the end of this month. The facility is expected to employ more than 10 people.
While the business might be cash generative, the accounts filed by Devenish do show there was still a significant cost to be dealt with. A review of the group’s tax position revealed matters relating to the historical treatment of group and interest relief.
Devenish submitted a voluntary disclosure to HMRC, which resulted in a £3.6m reduction in the deferred tax asset recognised on its balance sheet.
This reduction is accounted for through Devenish’s profit and loss account, which resulted in a reported after-tax loss of £2.2m, despite a profit before tax of £2.5m.
Devenish noted that “discussions with HMRC in respect of this matter remain ongoing but no additional material loss to the group is anticipated at this time”.
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