Origin's revenue rises but shares slip
SHARES in the agri-food company Origin Enterprises slipped yesterday, despite the company reporting a "very positive performance" in the first quarter of its fiscal year.
The stock was down 1.47pc at €3.35 in Dublin after Origin said group revenue was up 5.3pc at €340.6m during the three months to October 31.
In an interim management statement, the group said underlying growth in the core agri-services business rose 16pc year-on-year with volumes increasing 5pc year-on-year. The division achieved revenues of €306m during the quarter.
Revenues from the food division halved, falling to €34.6m from €70.6m in the corresponding period last year, mainly from the wind-down of a distribution contract. The company spun off its consumer food brands into a new firm, Valeo Foods, in September.
Its focus now is on animal feed ingredients, fertilisers and fishmeal. Welcon, the group's fishmeal joint venture, delivered an "excellent performance in the period supported by good demand for fishmeal and fish oil".
Origin said it "remains comfortable with consensus expectations for the full year".