Magnier scoops €1.4m in Devro dividends

BLOODSTOCK tycoon John Magnier yesterday scooped €1.4 million in dividends from a Scottish food firm where he is the largest shareholder.

Mr Magnier, who splashed out €13.3m on an unraced two-year-old colt in Tuesday, owns 14% of Devro. He bought into the company, which makes sausage skins, three years ago.

Devro yesterday announced a 43% rise in full-year profits to €37.6 million on sales, 2.4% higher at €222m.

Mr Magnier's stake in Devro, held through a Swiss-registered company, is worth around €45 million. Devro is primarily a food company, but has found that its products can be used for the treatment of cuts and bruises. It has an agreement with Dublin-based pharmaceutical firm Alltracel to develop products to stop cuts from bleeding.

The dividend payment to Mr Magnier, joint owner of the Coolmore stud farm in Tipperary, will go some way to repaying the cost of his bloodstock activities. The horse sale set a world record.

The businessman is also shareholder in Next Generation Clubs, a British fitness chain that is the subject of a takeover bid. If the business is sold, the Coolmore boss could share in a €180m windfall.