Donegal Investment Group, formerly Donegal Creameries, has reported higher revenues and profits for the year to the end of August.
Group revenue for the year grew by 11.4% to €45.2m on the back of strong growth in its speciality dairy business as well as strong demand for its produce businesses' seed potato varieties.
Donegal said its segmental profit soared by €47% to €4m for the 12 month period, while its group profit from operating activities - before exceptionals - increased by over 61% to €3.4m.
The company said its speciality dairy - which trades under the NOMADIC brand - continued to see double digit growth - both volumes and sales - in Ireland and the UK.
A "significant" capital project is also expected to double capacity in its Killygordon based business.
But adverse weather conditions in European growing areas impacted the 2018-2019 potato crops which led to poor availability of seed in the wider market.
Donegal said its seed potato business saw increased demand for its proprietary varieties and it continues to invest in the development of "innovative" seed potato with six new varieties starting commercialisation in the coming months.
On Brexit, Donegal said it is "very mindful" of the challenges presented by the UK's imminent departure from the European Union, as well as consolidation in the UK retail sector.
But it said it remains confident in the strength of its brand, consumer proposition, trade relationships and management's ability to deliver continued double-digit growth.
During the year, the company also successfully sold of its animal feeds business Smyths.
Donegal chairman Geoffrey Vance said that after the sale of Smyths and the underlying performance of its trading businesses, the group had a cash position - net of debt - of €21.3m at the end of the fiscal year.
"The group will continue its strategic review to assess all options available to the group to maximise shareholder value, and shareholders will be updated at the appropriate time," Mr Vance added.
