Saturday 20 July 2019

Trading in Ireland offsets 'challenging' backdrop in Continental Europe for Origin

Origin chief executive Tom O’Mahony
Origin chief executive Tom O’Mahony
Ellie Donnelly

Ellie Donnelly

Origin Enterprises has said favourable trading in Ireland and the UK more than offset the impact of a "challenging" market backdrop in Continental Europe, mainly in the Ukraine, in the three months to 30 April.

The argi-services firm has reported an 11.4pc increase in underlying revenue in its third quarter, with revenue up 12.5pc on an underlying basis in the year-to-date, according to a trading update from the group.

Revenues were €1.3bn for the nine months to 30 April, compared with €1.1bn for the equivalent period last year.

During the seasonally important third quarter Origin’s performance was supported by good demand for agronomy services and crop input volumes.

The group reported 10.9pc underlying growth in volumes for the third quarter, which is up 9.5pc in the year-to-date.

In Ireland and the UK underlying revenue is up 16.3pc year-on-year to €839.4m in the nine months to 30 April, reflecting more normalised weather conditions and demand.

During the period the group completed the acquisition of a 20pc interest in Brazilian-based agronomy service and crop input distribution business Ferrari Zagatto.

Origin’s full year earnings guidance in adjusted diluted earnings per share is between 51.5 and 52.5 cent.

The group will release its final results on September 25.

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