Saturday 21 October 2017

Revenue up at agri-services company Origin

Ellie Donnelly

Ellie Donnelly

Origin Enterprises, the Dublin-headquartered agri-services group, has recorded underlying revenue growth of 4.1pc in the three months to April 30, according to its latest trading update.

In monetary terms, revenue during the three months to April 30 was €548.7m, €6.8m lower year-on-year, which the group said was due to the weaker sterling versus the euro.

The company said that it has achieved higher underlying revenues and margins in the seasonally important third quarter of the financial year from robust activity levels on-farm.

Origin said that generally settled weather throughout the first nine months of the financial year combined with an improved short term planning environment for primary producers has supported higher demand for scientific agricultural services and inputs across the group’s operations.

Read more: Origin Enterprises buys assets of UK company for €21m

The company said that, based upon a good third quarter performance and a normal demand profile for scientific agricultural services and crop input activity in the last three months of its financial year, it expects to achieve full year adjusted diluted earnings per share in the range of 44 to 46 cent per share.

Acquisitions

In March the company, which operates in Ireland, the UK, Poland, Romania, and the Ukraine, announced the acquisition of the digital agricultural services group, the Resterra Group.

Resterra specialises in the delivery of bespoke precision agronomy applications and is a provider of agri-tech services to primary producers, input manufacturers and agri-services companies.

Origin said that the acquisition enhances it’s service capability in existing and wider geographies and supports the group’s wider technology transfer initiatives.

Origin also announced in March that it had reached an agreement to acquire the fertiliser activities and certain assets of Bunn Fertiliser in the UK.

Bunn is a provider of prescription fertiliser blends and nutrition management systems servicing arable, grassland and horticultural sectors. Origin said at the time that it expected the purchase would yield a return within the first full year of ownership.

Online Editors

Also in Business