Agri firm Origin reports 12.5pc fall in revenue
AGRI services firm Origin Enterprises reported revenue of €307.3m in the three months to October 26, down 12.5pc on the same period last year.
The drop was driven by lower fertiliser and feed prices globally. In a trading statement the company described the performance as "satisfactory" and in line with the group's expectations during the "seasonally quiet" first quarter.
The company, which had its AGM yesterday, said it only generated about 10pc of its revenue in the first half of the year.
Shares closed done 1.2pc at €7.11.
The company said that in the UK, near-perfect conditions on farms supported a return to normal winter cropping patterns in the period.
This was in contrast to the same period last year, when crop drillings were lower due to the impact of very unseasonal, wet autumn weather.
Current estimates indicate a total wheat area of about two million hectares, an increase of 23pc on last year.
Oil seed plantings are estimated to be lower by about 15pc on last year at close to 640,000 hectares, again principally reflecting the impact of bad weather last year.
"Crops in general are well established and in excellent condition with the overall profile providing a strong foundation for the full-year result," the trading statement said.