Friday 17 November 2017

Origin Enterprises revenue down 12.5pc to €307.3m

Colm Kelpie

Colm Kelpie

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.

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.

A spokesman said the company only generates about 10pc of its revenue in the first half of the year.

Shares were down 0.7pc at 9.31am to €7.15.

The company said that in the UK, near perfect conditions on-farm 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 approximately 2 million hectares, an increase of 23pc on last year.

“The current cropping profile provides a strong platform for the seasonally more important second half of the financial year,” the statement said.

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