Saturday 26 May 2018

Origin hit by "disappointing" trading in third quarter

Tom O'Mahony of Origin
Tom O'Mahony of Origin

Agri services group Origin Enterprises has seen trading hit disappointing levels in the third quarter of its financial year as adverse weather conditions continue to hamper its results.

The company said in March that both weather and a challenging market backdrop meant it had a greater reliance on the second half of the year to make its profits.

However, in a trading update this morning Origin said trading across all of its service platforms in the UK, Ireland and Poland has been disappointing.

"Following a positive start in February, the months of March and April experienced a return to abnormally cold and sustained wet weather conditions. 

"This has led to a combination of increased crop losses, slower crop development and re-saturated ground conditions which have limited infield crop maintenance and spring planting activity," the company said in a statement to shareholders.

Origin predicts a challenging fourth quarter and said it expects its full year outturn to be lower than previously indicated at the publication of its interim results.

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