Friday 21 July 2017

Origin revenue takes 12pc hit in third quarter

Tom O'Mahony of Origin
Tom O'Mahony of Origin
Michael Cogley

Michael Cogley

Agri services group Origin Enterprises has seen its revenues fall by 12pc in the third quarter of its financial year as unseasonal weather conditions hit income.

In a trading update released to shareholders this morning, Origin said revenue development had been "substantially impacted" by highly adverse weather conditions.

Origin said it now expects the fourth quarter to amount for a greater proportion of its full year profitability. In fact, the company said the group expects to earn all of its profits in the second half of its financial year.

The firm has also updated its earnings guidance in adjusted earnings per share of between 43c and 46c.

Revenue in the companies agri-services arm were down 2.7pc in the year to date at €1.06bn.

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