29th May 2026 15:58
DONEGAL INVESTMENT GROUP PLC
ANNOUNCEMENT OF RESULTS FOR THE 6 MONTHS ENDED 28 FEBRUARY 2026
29 May 2026
Donegal Investment Group plc ('DIG') ('Company') ('Group') reports its interim results for the 6 months ended 28 February 2026.
The 6-month period ended 28 February 2026 saw the Group complete the sale of its seed potato businesses, IPM Potato Group Limited, AJ Allan Limited, IPM Portugal Limited, IPM France Limited, IPM Holland Limited and IPM Kenya Limited, collectively referred to as "IPM" to the Royal HZPC Group ("HZPC") ("the Disposal"). The board would like draw shareholders attention to the following points:
· Proceeds received from the disposal total €14.1m after payment of all costs of disposal.
· An additional €2.4m will be held in Escrow for a period of 24 months to February 2028.
· An Asset held for sale of €0.5m has been recognised related to the group's interest in Kirinyaga Seeds Limited.
· The Group has recognised a profit on disposal of €8.5m after deducting the carrying value of net identifiable assets disposed of and non-controlling interests.
· The Group has fully provided for the outstanding loan to Utkal Seeds Limited of €0.95m, recognising an impairment loss equivalent to the full outstanding balance.
· Following Completion, the Company has become a cash shell for the purposes of the Euronext Growth Rules and is therefore required to complete an acquisition (or acquisitions) constituting a reverse takeover within 12 months of Completion. If the Company fails to do this, trading in its Ordinary Shares on Euronext Growth will be suspended.
· The Group's cash position at period end 28 February 2026 was €17.5m.
· Following approval at the AGM on 27 March 2026, the board plan to return €15m to shareholders at a price of €16 per share. The Group currently has issued ordinary shares outstanding of 1,213,384. The conversion and redemption will result in 936,997 shares being redeemed, leaving issued ordinary shares outstanding of 276,387. The share redemption is expected to take place in June 2026.
· The board has taken further steps to reduce the corporate overhead in light of the reduced complexity of the Group. The same governance structures will remain in place for the foreseeable future to ensure continuity and to protect the remaining interests of shareholders.
Enquiries:
Investors & Analysts Padraic Lenehan Director Donegal Investment Group Plc Tel: 074 9121766 Email: [email protected]
Anthony Farrell Davy Corporate Finance Tel: + 353 1 679 6363 Email: [email protected] |
Donegal Investment Group plc
Condensed consolidated statement of profit or loss and comprehensive income
for the 6 months ended 28 February 2026
Note |
6 months ended 28 February 2026 Total €'000 |
6 months ended 28 February 2025 Total* €'000 | Audited 12 months ended 31 August 2025 Total €'000 | |||
Continuing operations |
|
| ||||
Revenue | 4 | - | - | - | ||
Cost of sales |
| - | - | - | ||
|
| |||||
Gross profit |
| - | - | - | ||
Other income | 5 | - | 3 | - | ||
Other expense | 6 | (951) | - | (736) | ||
Distribution expenses |
| - | - | - | ||
Administrative expenses |
| (1,075) | (779) | (1,154) | ||
|
| |||||
(Loss)/Profit from operating activities |
| (2,026) | (776) | (1,887) | ||
|
| |||||
Finance income |
| - | 90 | 85 | ||
Finance expenses |
| - | (2) | (11) | ||
Net finance income |
| - | 88 | 74 | ||
|
|
| ||||
(Loss)/Profit before income tax |
| (2,026) | (688) | (1,813) | ||
Income tax (charge)/benefit |
| - | - | (1) | ||
(Loss)/Profit for the period - continuing operations |
4 |
(2,026) |
(688) |
(1,814) | ||
|
|
|
| |||
Profit for the year - from discontinued operations, net of tax |
| 8,507 | 3,212 | 1,979 | ||
Profit/(loss) for the year |
|
6,481 |
2,524 |
165 | ||
|
|
|
| |||
|
|
| ||||
* As restated to reflect the disposal of IPM
Donegal Investment Group plc Condensed consolidated statement of profit or loss and comprehensive income (continued) for the 6 months ended 28 February 2026 |
|
|
|
|
|
| ||||
|
| Unaudited | Unaudited | Audited | ||||||
|
| 6 months ended 28 February 2026 Total €'000 | 6 months ended 28 February 2025 Total* €'000 | 12 months ended 31 August 2025 Total €'000 | ||||||
Other comprehensive income |
|
|
|
|
|
|
|
|
|
|
Items that are or may be reclassified to profit or loss Foreign currency translation differences for foreign operations |
|
- |
|
|
2 |
|
|
(18) | ||
Recycle of currency translation differences for foreign operations |
| - |
|
| - |
|
| - | ||
Total comprehensive income for the period |
| 6,481 |
|
| 2,526 | 147 | ||||
|
|
|
|
|
|
| ||||
Profit attributable to: |
|
|
|
|
| |||||
Equity holders of the Company |
|
|
| 6,481 | 2,509 |
| 113 | |||
Non-controlling interest |
|
|
| - | 15 |
| 52 | |||
|
|
| 6,481 | 2,524 |
| 165 | ||||
Total comprehensive income attributable to: |
|
|
| |||||||
Equity holders of the Company |
|
|
| 6,481 | 2,521 |
| 85 | |||
Non-controlling interest |
|
|
| - | 5 |
| 62 | |||
|
|
| 6,481 | 2,526 |
| 147 | ||||
* As restated to reflect the disposal of IPM
Donegal Investment Group plc Condensed consolidated statement of profit or loss and comprehensive income (continued) for the 6 months ended 28 February 2026 | ||||||||||||
|
|
|
| Unaudited | Unaudited | Audited |
| |||||
Earnings per share |
|
|
| 6 months ended 28 February 2026 Total €'000 | 6 months ended 28 February 2025* Total €'000 | 12 months ended 31 August 2025 Total €'000 |
| |||||
Basic earnings per share (euro cent): Continuing |
|
|
|
(166.96) |
(47.24) |
(135.61) |
| |||||
Discontinued |
|
|
| 701.07 | 219.47 | 144.15 |
| |||||
|
|
| 534.11 | 172.23 | 8.54 |
| ||||||
Diluted earnings per share (euro cent): Continuing |
|
|
|
(166.96) |
(47.24) |
(135.61) |
| |||||
Discontinued |
|
|
| 701.07 | 219.47 | 144.15 |
| |||||
|
|
| 534.11 |
|
| 172.23 | 8.54 |
| ||||
* As restated to reflect the disposal of IPM
Donegal Investment Group plc
Condensed consolidated statement of financial position
As at 28 February 2026
| Unaudited |
| Unaudited | Audited | ||
Note | 28 February 2026 €'000 |
| 28 February 2025 €'000 | 31 August 2025 €'000 | ||
Assets |
|
|
| |||
Property, plant and equipment |
| - |
| 3,782 | - | |
Investment property | 8 | - |
| 475 | - | |
Goodwill |
| - |
| 500 | - | |
Intangible assets |
| - |
| 227 | - | |
Investment in associates |
| - |
| - | - | |
Other investments |
| - |
| 737 | - | |
Total non-current assets |
| - |
| 5,721 | - | |
|
|
| ||||
Inventories |
| - |
| 1,884 | - | |
Biological assets |
| - |
| - | - | |
Trade and other receivables |
| 43 |
| 14,812 | 835 | |
Asset held for sale |
| 460 |
| - | 13,647 | |
Escrow Receivable |
| 2,400 |
| - | - | |
Cash at bank |
| 17,464 |
| 7,413 | 3,960 | |
Current tax |
| - |
| - | 4 | |
|
|
| ||||
Total current assets |
| 20,367 |
| 24,109 | 18,446 | |
|
|
|
| |||
Total assets |
| 20,367 |
| 29,830 | 18,446 | |
|
|
|
| |||
Equity |
|
|
| |||
Share capital |
| 159 |
| 159 | 159 | |
Share premium account |
| 2,975 |
| 2,975 | 2,975 | |
Other reserves |
| (931) |
| (643) | (931) | |
Retained earnings |
| 17,125 |
| 13,331 | 10,644 | |
Total equity attributable to equity holders of the Company |
|
19,328 |
|
15,822 |
12,847 | |
Non-controlling interest |
| (214) |
| (587) | (530) | |
Donegal Investment Group plc Condensed consolidated statement of financial position (continued) As at 28 February 2026
|
|
|
| |||
Total equity |
| 19,114 |
| 15,235 | 12,317 | |
Liabilities |
|
|
| |||
Loans and borrowings |
| - |
| 601 | - | |
Deferred tax liabilities |
| - |
| 46 | - | |
Deferred income |
| - |
| 168 | - | |
Total non-current liabilities |
| - |
| 815 | -
| |
Loans and borrowings |
|
- |
|
368 |
- | |
Trade and other payables |
| 1,253 |
| 8,676 | 312 | |
Liabilities directly associated with asset held for sale |
| - |
| - | 5,817 | |
Bank overdraft |
| - |
| 4,396 | - | |
Current tax |
| - |
| 340 | - | |
|
|
|
| |||
Total current liabilities |
| 1,253 |
| 13,780 | 6,129 | |
|
|
|
| |||
Total liabilities |
| 1,253 |
| 14,595 | 6,129 | |
|
|
|
| |||
Total equity and liabilities |
| 20,367 |
| 29,830 | 18,446 |
Donegal Investment Group plc
Condensed consolidated statement of changes in equity
for the 6 months ended 28 February 2026
|
Share capital €'000 | Other un- denominated capital €'000 | Share premium account €'000 | Trans- lation reserve €'000 | Treasury reserve €'000 |
Retained earnings €'000 |
Total €'000 | Non- controlling interest €'000 |
Total equity €'000 |
Balance at 1 September 2025 | 159 | 1,178 | 2,975 | (1,800) | (309) | 10,644
| 12,847 | (530) | 12,317 |
Total comprehensive income for the period | |||||||||
Profit for the period | - | - | - | - | - | 6,481 | 6,481 | - | 6,481 |
Other comprehensive income | |||||||||
Foreign currency translation differences for foreign Operations |
- |
- |
- |
- |
- |
- |
- |
- |
- |
Other comprehensive income | - | - | - | - | - | - | - | - | - |
Total comprehensive income for the period |
- |
- |
- |
- |
- |
6,481 |
6,481 |
- |
6,481 |
Transactions with owners recorded directly in equity | |||||||||
Contributions by and distributions to owners | |||||||||
Derecognition of minority interest | - | - | - | - | - | - | - | 316 | 316 |
Total contributions by and distributions to owners |
- |
- |
- |
- |
- |
- |
- |
316 |
316 |
|
|
|
|
|
|
|
|
|
|
Balance at 28 February 2026 | 159 | 1,178 | 2,975 | (1,800) | (309) | 17,125
| 19,328 | (214) | 19,114 |
Donegal Investment Group plc
Condensed consolidated statement of changes in equity
for the 6 months ended 28 February 2026
|
Share capital €'000 | Other un- denominated capital €'000 | Share premium account €'000 | Trans- lation reserve €'000 | Treasury reserve €'000 |
Retained earnings €'000 |
Total €'000 | Non- controlling interest €'000 |
Total equity €'000 |
Balance at 1 September 2024 | 197 | 1,140 | 2,975 | (1,772) | (48) | 15,602
| 18,094 | (592) | 17,502 |
Total comprehensive income for the period | |||||||||
Profit for the period | - | - | - | - | - | 2,509 | 2,509 | 15 | 2,524 |
Other comprehensive income | |||||||||
Foreign currency translation differences for foreign Operations |
- |
- |
- |
12 |
- |
- |
12 |
(10) |
2 |
Other comprehensive income | - | - | - | 12 | - | - | 12 | (10) | 2 |
Total comprehensive income for the period |
- |
- |
- |
12 |
- |
2,509 |
2,521 |
5 |
2,526 |
Transactions with owners recorded directly in equity | |||||||||
Contributions by and distributions to owners | |||||||||
Conversion and Redemption of Redeemable Shares | (38) | 38 | - | - | - | (4,780) | (4,780) | - | (4,780) |
Purchase of treasury shares | - | - | - | - | (13) | - | (13) | - | (13) |
Total contributions by and distributions to owners |
(38) |
38 |
- |
- |
(13) |
(4,780) |
(4,793) |
- |
(4,793) |
|
|
|
|
|
|
|
|
|
|
Balance at 28 February 2025 | 159 | 1,178 | 2,975 | (1,760) | (61) | 13,331
| 15,822 | (587) | 15,235 |
Donegal Investment Group plc
Condensed consolidated statement of cash flows
for the 6 months ended 28 February 2026 -
Note
| 6 months ended 28 February 2026 |
| 6 months ended 28 February 2025 |
| 12 months ended 31 August 2025 |
€'000 |
| €'000 |
| €'000 | |
Cash flows from operating activities |
|
| |||
Profit for the period | 6,481 |
| 2,524 |
| 165 |
Adjustments for: |
|
| |||
Depreciation | - |
| 210 |
| 493 |
Amortisation of intangibles | - |
| 13 |
| 26 |
Amortisation of capital grant | - |
| 1 |
| 1 |
Reversal of investment asset impairment | - |
| - |
| - |
Change in fair value of investment property | - |
| (5) |
| 35 |
Release of warranty provision | - |
| - |
| (53) |
Change in fair value of other investments | 951 |
| - |
| 736 |
Net finance income | - |
| (237) |
| 142 |
Interest charged in relation to lease arrangements | - |
| 26 |
| 53 |
MTM Revaluation of Debt Instruments | - |
| - |
| - |
Gain on sale of other investments | - |
| - |
| - |
Gain on sale of property, plant and equipment | - |
| (42) |
| (70) |
Profit for the year - from discontinued operations, net of tax | (8,507) |
| - |
| - |
Share-based payment transactions | - |
| - |
| - |
Income tax expense | - |
| 334 |
| 686 |
Change in inventories | - |
| 791 |
| (482) |
Change in trade and other receivables | 2,494 |
| (10,433) |
| (1,125) |
Change in trade and other payables | (2,333) |
| 5,588 |
| 505 |
(914) |
| (1,230) |
| 1,112 | |
|
|
| |||
Interest (paid)/refund | - |
| (11) |
| (18) |
Income tax (paid)/refund | - |
| (113) |
| (498) |
|
|
| |||
Net cash from operating activities | (914) |
| (1,354) |
| 596 |
|
|
|
| ||
Cash flows from investing activities |
|
|
| ||
Interest received | - |
| 54 |
| 48 |
Dividends received | - |
| - |
| - |
Proceeds from sale of investment property | - |
| - |
| 112 |
Dividend received from associate | - |
| 36 |
| 37 |
Proceeds from sale of property, plant and equipment | - |
| 49 |
| 77 |
Proceeds from sale of other investments | - |
| - |
| - |
Disposal of discontinued operations, net of cash disposed of | 14,147 |
| - |
| - |
Acquisition of property, plant and equipment | - |
| (338) |
| (396) |
Acquisition of intangibles | - |
| (117) |
| (117) |
|
|
| |||
Net cash (used)/generated in investing activities | 14,147 |
| (316) |
| (239) |
Donegal Investment Group plc
Condensed consolidated statement of cash flows (continued)
for the 6 months ended 28 February 2026
Note | 6 months ended 28 February 2026 |
| 6 months ended 28 February 2025 |
| 12 months ended 31 August 2025 |
€'000 |
| €'000 | €'000 | ||
Cash flows from financing activities |
|
| |||
Payment of finance lease liabilities | - |
| (195) | (464) | |
Redemption/(Acquisition) of Debt Instruments | - |
| 7,086 | 7,086 | |
Purchase of treasury shares Share redemption | - - |
| (13) (4,780) | (261) (4,780) | |
Dividend paid | - |
| - | (291) | |
|
| ||||
|
| ||||
Net cashflow from financing activities | - |
| 2,098 | 1,290 | |
|
|
| |||
Net increase/(decrease) in cash and cash equivalents | 13,233 |
| 428 | 1,647 | |
Cash and cash equivalents at start of period | 4,231 |
| 2,586 | 2,586 | |
Effect of exchange rate fluctuations on cash held | - |
| 3 | (2) | |
|
|
| |||
Cash and cash equivalents at period end | 17,464 |
| 3,017 | 4,231 |
Donegal Investment Group plc
Notes to the unaudited preliminary condensed consolidated financial statements
for the 6 months ended 28 February 2026
(1) Reporting entity
Donegal Investment Group Plc (the "Company") is a company domiciled in Ireland. The unaudited condensed consolidated interim financial statements of the Group as at and for the six months ended 28 February 2026 ("the interim financial statements") comprise the Company and its subsidiaries (together referred to as the "Group") and the Group's interests in associates.
(2) Basis of preparation
These interim financial statements have been prepared in accordance with IAS 34 Interim Financial Reporting and should be read in conjunction with the Group's last annual consolidated financial statements as at and for the year ended 31 August 2025 ('last annual financial statements'). They do not include all of the information required for a complete set of IFRS financial statements. However, selected explanatory notes are included to explain events and transactions that are significant to an understanding of the changes in the Group's financial position and performance since the last annual financial statements.
The 28 February 2026 figures and the 28 February 2025 comparative figures do not constitute statutory financial statements of the Group within the meaning of the Companies Act, 2014. The consolidated financial statements of the Group for the year ended 31 August 2024, together with the independent auditor's report thereon, were filed with the Irish Registrar of Companies following the Company's Annual General Meeting and are also available on the Company's Website. The auditor's report on those financial statements was unqualified.
The interim financial statements have been prepared on the going concern basis. The Directors have reviewed the Group's business plan for the next 12 months and other relevant information and have a reasonable expectation that the Group will continue in operational existence for the foreseeable future.
The Interim Financial Statements are presented in Euro, rounded to the nearest thousand, which is the functional currency of the Company and also the presentation currency for the Group's financial reporting.
The significant accounting policies applied in these interim financial statements are the same as those applied by the Group in its consolidated financial statements as at and for the year ending 31 August 2025.
(3) Estimates and judgements
The preparation of financial statements requires management to make judgements, estimates and assumptions that affect the application of accounting policies and the reported amounts of assets and liabilities, income and expense. Actual results may differ from these estimates. In preparing these financial statements, the significant judgements made by management in applying the Group's accounting policies and the key sources of estimation uncertainty were the same as those that applied in prior impairment of trade receivables, in respect of the carrying value of goodwill, recognition of deferred tax assets, measurement of financial assets and liabilities.
Donegal Investment Group plc
Notes to the unaudited preliminary condensed consolidated financial statements (continued)
for the 6 months ended 28 February 2026
(4) Segment Information
IFRS 8 Operating Segments requires operating segments to be identified on the basis of internal reports that are regularly reviewed by the chief operating decision maker (CODM) which the Group has identified to the Board of Directors in order to allocate resources to the segments and to assess their performance.
Produce: The growing, sales and distribution of seed potatoes and rental and sale of related property assets.
The main factors employed in the identification of the single segment include:
• the Group's organisational structure
• the nature of reporting lines to the Chief Operating Decision Maker
• the structure of internal reporting documentation such as management accounts and budgets
• Segment performance is evaluated based on operating profit. Given that net finance costs, taxation, share based payments and exceptional income and costs are managed on a centralised basis, these items are not allocated to the operating segment for internal reporting purposes and in the segmental analysis below.
Donegal Investment Group plc
Notes to the unaudited preliminary condensed consolidated financial statements (continued)
for the 6 months ended 28 February 2026
(4) Segment information (continued)
Business segments (continued)
|
| Produce | Total - Group | ||||||
| 6 months ended 28 February 2026 | 6 months ended 28 February 2025* | 12 months ended 31 August 2025 | 6 months ended 28 February 2026 | 6 months ended 28 February 2025* | 12 months ended 31 August 2025 | |||
| €'000 | €'000 | €'000 | €'000 | €'000 | €'000 | |||
|
|
|
| ||||||
Total revenues |
| - | - | - | - | - | - | ||
|
| ||||||||
Segment result before exceptional items Segmental result from continuing operations before exceptional items |
| (2,026)
(2,026) | (776)
(776) | 1,887
1,887 | (2,026)
(2,026) | (776)
(776) | (1,887)
(1,887) | ||
| |||||||||
Change in fair value of investment property and other assets | - | - | - | ||||||
Net finance income | - | 88 | 74 | ||||||
Income tax (expense)/benefit | - | - | (1) | ||||||
(Loss)/profit for the period - continuing operations | (2,026) | (688) | (1,814) | ||||||
* As restated to reflect the disposal of IPM
Donegal Investment Group plc
Notes to the unaudited preliminary condensed consolidated financial statements (continued)
for the 6 months ended 28 February 2026
(4) Segment Information (continued)
Business segments (continued)
|
| Produce | Total - Group | ||||||||||
| 28 February 2026 | 28 February 2025 | 31 August 2025 | 28 February 2026 | 28 February 2025 |
31 August 2025 |
| ||||||
| €'000 | €'000 | €'000 | €'000 | €'000 | €'000 |
| ||||||
Segment assets |
| 503 | 22,417 |
839 | 503 | 22,417 |
839 |
| |||||
Cash at bank (unallocated) |
| 17,464 | 7,413 | 3,960 |
| ||||||||
Escrow Receivable |
| 2,400 | - |
| |||||||||
Asset held for sale |
| - | - | 13,647 |
| ||||||||
|
| 20,367 | 29,830 |
18,446 |
| ||||||||
|
|
| |||||||||||
|
| ||||||||||||
Segment liabilities |
| 1,253 | 9,230 |
312
| 1,253 | 9,230 |
312 |
| |||||
Bank overdraft (unallocated) |
|
| - | 4,396 | - |
| |||||||
Liabilities directly associated with asset held for sale |
|
| - | - | 5,817 |
| |||||||
Loans and borrowings (unallocated) |
| - | 969 | - |
| ||||||||
|
| ||||||||||||
Total liabilities |
|
| 1,253 | 14,595 | 6,129 |
| |||||||
Capital expenditure (inclusive of IFRS 16) |
| - | 662 |
- | - | 662 |
- |
| |||||
Depreciation and amortisation |
| - | 223 | - | - | 223 | - |
| |||||
Change in fair value of investment property and other assets |
| - | 5 |
- | - | 5 |
- |
| |||||
|
|
| |||||||||||
Donegal Investment Group plc
Notes to the unaudited preliminary condensed consolidated financial statements (continued)
for the 6 months ended 28 February 2026
(5) Other income - continuing operations 6 months ended 6 months ended 12 months ended
28 February 2026 | 28 February 2025* | 31 August 2025 | 2019 | ||
€'000 | €'000 | €'000 | €'000 | ||
Income from investment and other property rentals | - | 3 | 3 | 80 | |
- | 3 | 3 | 110 |
(6) Other expense - continuing operations 6 months ended 6 months ended 12 months ended
28 February 2026 | 29 February 2025* | 31 August 2025 | 2019 | ||
€'000 | €'000 | €'000 | €'000 | ||
Change in fair value of other investment | (951) | - | (736) | 80 | |
(951) | - | (736) | 110 |
* As restated to reflect the disposal of IPM
Donegal Investment Group plc
Notes to the unaudited preliminary condensed consolidated financial statements (continued)
for the 6 months ended 28 February 2026
(7) Earnings per share
The calculation of basic and diluted earnings per share is set out below:
6 months ended 6 months ended 12 months ended
28 February 2026 | 28 February 2025* | 31 August 2025 | |||||
€'000 | €'000 | €'000 | |||||
(Loss)/Profit for the period - continuing operations | (2,026) | (688) | (1,814) | ||||
(Loss)/Profit for the period - discontinued operations | 8,507 | 3,212 | 1,979 | ||||
| |||||||
(Loss)/Profit for the period | 6,481 | 2,524 | 165 | ||||
| |||||||
(Loss)/Profit attributable to ordinary shareholders | 6,481 | 2,509 | 113 | ||||
|
|
| |||||
|
|
| |||||
|
| ||||||
Weighted average number of ordinary shares In thousands of shares | 6 months ended 28 February 2026 €'000 | 6 months ended 28 February 2025 €'000 | 12 months ended 31 August 2025 €'000 |
| |||
Weighted average number of ordinary shares in issue for the period | 1,233 | 1,460 | 1,345 |
| |||
Weighted average number of treasury shares | (19) | (3) | (8) |
| |||
|
| ||||||
Denominator for basic earnings per share | 1,214 | 1,457 | 1,337 |
| |||
|
| ||||||
Weighted average number of ordinary shares (diluted) at end of period | 1,214 | 1,457 | 1,337 |
| |||
|
|
| |||||
| 6 months ended 28 February 2026 | 6 months ended 28 February 2025* | 12 months ended 31 August 2025 |
| |||
Basic earnings/(loss) per share (euro cent) Continuing |
(166.96) |
(47.24) |
(135.61) |
| |||
Discontinued | 701.07 | 219.47 | 144.15 |
| |||
534.11 | 172.23 | 8.54 |
| ||||
Diluted earnings/(loss) per share (euro cent) Continuing |
(166.96) |
(47.24) |
(135.61) |
| |||
Discontinued | 701.07 | 219.47 | 144.15 |
| |||
534.11 | 172.23 | 8.54 |
| ||||
* As restated to reflect the disposal of IPM
Donegal Investment Group plc
Notes to the unaudited preliminary condensed consolidated financial statements (continued)
for the 6 months ended 28 February 2026
(8) Investment property | 28 February 2026 | 28 February 2025 | 31 August 2025 |
€'000 | €'000 | €'000 | |
Balance at start of the period | - | 583 | 583 |
Disposal of investment property | - | (113) | (113) |
Change in fair value | - | 5 | (35) |
Asset transferred to asset held for sale | - | - | (435) |
Balance at end of the period | - | 475 | - |
(9) Events after the balance sheet date
There have been no significant events subsequent to the period end, which would require adjustment to, or disclosure in, the interim financial statements.
Donegal Investment Group plc
Notes to the preliminary condensed consolidated financial statements (continued)
for the 6 months ended 28 February 2026
(10) Share Capital
Ordinary Sharesof €0.13 each | Redeemable Ordinary Sharesof €0.13 each | Deferred Sharesof €0.13 each | Total | |||||
Number | €'000 | Number | €'000 | Number | €'000 | €'000 | ||
Authorised | ||||||||
Balance at 1 September 2025 | 50,000,000 | 6,500 | 290,222 | 38 | 290,222 | 38 | 6,576 | |
Balance at 28 February 2026 | 50,000,000 | 6,500 | 290,222 | 38 | 290,222 | 38 | 6,576 | |
Issued, called up and fully paid | ||||||||
Balance at 1 September 2025 | 1,232,071 | 159 | - | - | - | - | 159 | |
Balance at 28 February 2026 | 1,232,071 | 159 | - | - | - | - | 159 | |
(11) Related party transactions
Details of related party transactions in respect of the year ended 31 August 2025 are contained in Note 34 to the Consolidated Financial Statements of the Group's 2025 Annual Report. The Group continued to enter into transactions in the normal course of business with its associates and other related parties during the period. The Group has entered into consultancy agreements with Culkeen Consulting Limited, which is owned and operated by Non-Executive Director, Mr Ian Ireland, and Drumgornan Limited, which is owned and operated by Non-Executive Director, Mr Padraic Lenehan. These companies will provide management services as required to support the strategy of the board going forward. There were no other transactions with related parties in the period or changes to transactions with related parties disclosed during the period that had a material effect on the financial position or the performance of the Group.
(12) Discontinued operations
During the period, the Group disposed of its seed potato businesses, IPM Potato Group Limited, AJ Allan Limited, IPM Portugal Limited, IPM France Limited, IPM Holland Limited and IPM Kenya Limited, collectively referred to as "IPM" to the Royal HZPC Group ("HZPC") ("the Disposal").
At 31 August 2025, the proposed disposal of IPM met the recognition criteria under IFRS 5 Non-current assets held for sale and discontinued operations. The Group has not recognised any trade for the period to 28 February 2026 and profit for the year from discontinued operation of €8.5m relates solely to the profit on disposal of IPM.
Donegal Investment Group plc
Notes to the preliminary condensed consolidated financial statements (continued)
for the 6 months ended 28 February 2026
(13) Disposal of subsidiary
| 28 February 2026 | 28 February 2025 | |
| €'000 | €'000 | |
|
|
| |
Profit on disposal of asset held for sale, net |
| 8,507 | - |
On 6 February 2026, the Group announced that it has completed the disposal of its seed potato businesses, IPM Potato Group Limited, AJ Allan Limited, IPM Portugal Limited, IPM France Limited, IPM Holland Limited and IPM Kenya Limited, collectively referred to as "IPM" to the Royal HZPC Group ("HZPC") ("the Disposal"). Following completion Donegal Investment Group has received €13.9m including existing IPM cash of €0.3m and customary completion account adjustments of -€0.5M. A further €2.4m will be held in Escrow for a period of 24 months to February 2028 ("Escrow Period"). IPM completed the sale of its Investment Property in Dublin on 13 November 2025 resulting in an additional consideration of €0.5m to DIG at completion.
A further contingent deferred cash consideration of up to a maximum of €4m is payable dependent on the financial performance of IPM for the period 1 September 2025 to 31 August 2027, inclusive ("Deferred Consideration"). Based on recent indications of the performance of IPM for the financial year ended 31 August 2026, the board believe no deferred consideration will be forthcoming at the end of the 2-year period. The seed potato industry has experienced a highly challenging year with market prices under significant downward pressure, particularly in some of IPM's key markets.
The carrying value of net identifiable assets disposed of amounts to €7,907,000 resulting in a profit on disposal of €8,507,000 after accounting for the non-controlling interest of €316,000.
The net assets of the businesses disposed of were as follows:
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| 2026 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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7,907 |
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