Business Irish

Monday 21 August 2017

Agri-business Origin Enterprises see profits for half years rise reporters

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.

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