Friday 30 September 2016

Origin Enterprises profits up slightly as revenue nears €1.5bn

Paul O'Donoghue

Published 23/09/2015 | 07:23

Tom O'Mahony, CEO of Origin Enterprises
Tom O'Mahony, CEO of Origin Enterprises

Irish agri-services group Origin Enterprises has posted a 3pc year-on-year increase in revenue to €1.46bn for the year to the end of July.

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That compared to sales of just under €1.42bn in its 2014 financial year.

Group operating profit was largely flat at about €93m compared to €92.9m the year before while profit before tax rose by 0.9pc from €87.4m to €88.2m.

Adjusted diluted earnings per share were up 4.5pc to 60.10 cent per share, which was in line with guidance.

There was a 5pc increase in its annual dividend from 20 cent per share to 21 cent per share.

Chief executive Tom O'Mahony said: "Origin has achieved a satisfactory result in line with expectations, recording an increase in adjusted diluted earnings per share together with the delivery of robust cash generation during the year.

He added: "The ongoing development of the group's integrated technology and agronomy service portfolios has helped to underpin a resilient performance from agri-services in 2015. 

"This is against the backdrop of the current bearish crop cycle, which coupled with reduced seasonal intensity, resulted in lower overall market demand for services and inputs in the year."

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