first_imgDonegal-based agribusiness Donegal Investment Group Plc. has announced it will discontinue the payment of dividends to its shareholders ‘for the foreseeable future’.The group will be switching payments to a more ‘tax efficient form of a share buy-back programme’ – as revealed at the Company AGM this week.Donegal Investment Group, formerly known as Donegal Creameries, reported a significant improvement in performance of the seed potato business in the 8 month period to the 31st August 2016 as well as continued progress in the food-agri division. The Company’s Annual General Meeting was held yesterday at the Silver Tassie Hotel, Letterkenny, Co. Donegal.The group has operations across Ireland, the U.K., Holland, France and Brazil and conducts business in the produce, food-agri and property sectors.Geoffrey Vance, the company’s chairman, said that the Group’s overall performance was on plan for the new financial year to 31 August 2017 where the first six months has delivered adjusted earnings per share of 30.1c.Mr Vance stated that due to the seasonal nature of the Group’s seed potato business and animal feeds business the first six months trading represents a materially significant element of the Group’s full year performance. Turnover from continuing operations increased by 3.3% delivering adjusted earnings per share of 10.9c.Mr Ian Ireland, Managing Director, said he expected adjusted earnings per share of 30c to 32c per share for the full year.“The Board remains optimistic about the global potential of the Group’s Produce business, the high growth being delivered in the Group’s speciality dairy business and the ability of the rest of the Group’s businesses and assets to provide cash,” the AGM statement said.All resolutions were approved by shareholders at the AGM.Donegal Investment Group ends dividend payments to shareholders was last modified: May 25th, 2017 by Rachel McLaughlinShare this:Click to share on Facebook (Opens in new window)Click to share on Twitter (Opens in new window)Click to share on LinkedIn (Opens in new window)Click to share on Reddit (Opens in new window)Click to share on Pocket (Opens in new window)Click to share on Telegram (Opens in new window)Click to share on WhatsApp (Opens in new window)Click to share on Skype (Opens in new window)Click to print (Opens in new window) Tags:Donegal INvestment Grouplast_img read more