Agri-business Origin Enterprises see profits for half years rise
Published 22/09/2011 | 09:01
AGRICULTURAL business Origin Enterprises has reported a 10.9pc increase in group operating profits for the year to the end of July.
Operating profits rose to €85.87m from €77.4m, while revenues fell by 2.6pc to €1.3bn from €1.337bn.
CEO Tom O'Mahony said the year saw an improved backdrop for primary food production and sustained recovery in farm incomes which led to good growth within its agri-services business.
The company has proposed a dividend increase of 22pc to 11c per ordinary share.
Origin said the transition of its consumer food and feed ingredients interests - Valeo Foods and R&H Hall - from wholly owned businesses to associates and joint ventures released €74.7m in cash to the group.
The company said the move also enhanced Origin’s competitive positioning.