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Farmer-owned animal breeding company AI Services Ltd has completed a process of redeeming shares of non-trading members and these have now been distributed to shareholders trading with the business.
According to the chairman of the AI Services board Robin Irvine, the process was necessary as many of the original shareholders are no longer active.
AI Services was originally established in 1988, taking over the AI function previously operated by the Department of Agriculture in NI.
The share register remains open and trading herdowners can still apply to become members by purchasing shares in the business. Trading members receive an annual dividend on the shares held and will also benefit from a trading rebate based on purchases from AI Services.
Strategy
As well as its core breeding work in NI, AI Services delivers various support services to CAFRE and it also holds a majority shareholding in Tipperary-based AI company, Eurogene.
Delivering his report to shareholders attending the AGM at the end of May, AI Services CEO Dr Sam Campbell said that the strategy of spreading overheads across three business areas had been successful, and the balance sheet of AI Services remains strong.
That is reflected in the latest set of accounts to the end of September 2021, which show that the company has total equity of £8.83m. Over the 12-month period, group turnover increased from £8.82m to £10.55m, with operating profits rising from £1.08m to £1.82m, leaving profit margin at a very healthy 17%.
Looking ahead, plans are well advanced for new stud facilities at the Ballycraigy headquarters in Co Antrim, while investment was recently made at Eurogene with the purchase of office facilities.
The business is also looking to appoint a new CEO, after Sam Campbell confirmed that he intends stepping down later this year after over 22 years in the post.
“Sam’s contribution to the development of this business over the last two decades has been immense,” commented board chair, Robin Irvine.
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