Donegal Investment Group said its revenue increased by 3.3% to €47.5m for the eight months to the end of August, mainly on the back of growth in its produce division.
The group has changed its year end from the end of December to the end of August.
It said this will allow it to have greater visibility on the seasonal performance of its produce and animal feeds business in advance of each new year ending in August.
In a statement today, Donegal Investment Group said the first eight months in 2016 saw a significant improvement in the performance of its seed potato business as well as continuing progress with its speciality dairy business.
Operating profits for the eight month period rose to €1.3m as a result of improved performance in all of the group's businesses.
It also declared an interim dividend of five cent per share, which will be paid on 19 December and the group said its balance sheet remains strong with shareholder funds of €57m.
Donegal Investment Group said its produce seed potato business delivered a considerably improved performance despite the impact of difficult trading conditions in Middle Eastern markets.
Its animal feeds business again experienced a satisfactory performance in 2016 with marginally reduced volumes being offset by ongoing operational efficiencies.
The group also said that the continued development and scaling of its speciality dairy business based in Killygordon, Co Donegal has contributed to a significant improvement in performance.
"Currently all our businesses are on plan for the first quarter of our new financial year September 2016 to August 2017," commented the group's managing director Ian Ireland.
"We remain confident of delivering a satisfactory performance in our produce seed potato business but it is too early in the season to give any further guidance," Mr Ireland stated.
"Our Food-Agri businesses while continuing to perform strongly will be challenged by trading conditions post Brexit and the resulting impact on sterling," he added.
"The group continues to concentrate financial and management resources on the strategic areas of produce seed potato, speciality dairy and the group's interest in Monaghan Middlebrook Mushrooms," the CEO said.
