Bad weather slows Origin Enterprises
Agri-services group Origin Enterprises lamented a “sustained period of unseasonably bad weather” as it reported a slow start to its trading year.
The group said on farm activity had been impacted by the weather, resulting in a a delayed autumn harvest and challenging arable crop planting conditions, Origin said in a trading statement ahead of its AGM in Dublin today.
Revenue across the group, which is majority owned by Aryzta, increased by 11.2 per cent to €351.2 million in the three months to October 27th.
Origin said a 3.4 per cent increase in underlying revenue was largely driven by higher prices and that seed and fertiliser volumes were lower year-on-year.
The group said integrated on-farm agronomy performed satisfactorily in the UK and in Poland.
There was increased fertiliser consumption in Ireland as farmers invested in nutrition programmes to support improved grass growth as the end of growing season approached.
Origin said its interests in consumer foods and marine proteins and oils performed “in line with expectations” during the quarter.
Looking ahead, Origin said the planning environment for food producers remained favourable. It said a positive output price environment should support a strong platform for growth in the second half of the year.