Tuesday 26 September 2017

Agri-business Origin Enterprises' posts pre-tax profits of €84.6m

Louise Kelly

Louise Kelly

Irish food and agri-business group Origin Enterprises saw profit before tax increase by 11.7pc to €84m.

Owned by Swiss-based Aryzta, revenues for Origin for the year to the end of July stood at €1.4bn – a rise of 5.8pc.

Total group operating profits, meanwhile, rose by 10.2pc to €90.7m.

Chief executive Tom O’Mahony said food producers “experienced unprecedented challenges” during the year as “unseasonable weather patterns made for an extremely difficult planning environment”.

However, he said that the performance of agri-Services was nonetheless “robust against this backdrop”.

Mr O’Mahony added: "The sale of the group’s 50pc interest in its marine proteins and oils joint venture, Welcon Invest AS, underscores our strategic focus on Agri-Services while also providing the opportunity to crystallise value for shareholders.

"As a direct result of this disposal Origin is today announcing a proposal to return up to €100m of capital to shareholders by way of a tender offer."

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