Devenish, the Northern Ireland-based animal nutrition company, made a profit before tax of £21.8m (€26m) in the 12 months to the end of May 2024, a huge turnaround from the £14.2m (€16.6m) loss reported in the previous financial year.

However, the headline figures do somewhat hide the major changes that have happened at the company in recent years.

The appointment of Tony McEntee as chief executive led to a re-focusing of the company towards its core goals, and towards returning it to profitability.

The sale of the estate at Dowth, Co Meath, was part of the refocus and the cash proceeds from the sale of Devenish’s North American division to a South Korean company helped get the company’s significant debt pile under control.

“We are now a debt-free company,” McEntee told the Irish Farmers Journal.

This is a significant development for the company which faced interest payments of £5.2m (€6.1m) in the year to May 2023. McEntee said Devenish’s earnings before interest, tax, depreciation and amortisation (EBITDA) came to £5.2m in the 12 months to May 2024.

The North American division accounted for just over 46% of the company’s turnover, meaning that the sale, which completed in February of 2024 leaves Devenish just over half the size it used to be.

The net gain from that sale was £29.7m (€35.4m) which was recognised in the profit and loss account.

That money was used towards reducing bank loans from £33m (€39.3m) in 2023 to zero by May 2024. Devenish’s outstanding bank overdraft dropped by £4m to £9m (€10.7m).

McEntee said that he is with the company for the long term and is in the process of producing a five-year plan for the new, slimmer and financially stable Devenish which will include investment in key facilities, development of new products and expansion into fresh markets.