Origin Enterprises increases full-year earnings outlook
Agri-services group posts 19.8% increase in quarterly revenues to €512.8m
Origin Enterprises chief executive Tom O’Mahony. The group has reported an increase in revenue for the third quarter, on the back of increased demand for agronomy services. Photo: Dara Mac Dónaill/The Irish Times
Origin Enterprises has reported an increase in revenue for the third quarter, on the back of increased demand for agronomy services.
Revenues for the third quarter rose 19.8 per cent to €512.8 million. Revenues for the nine months to the end of April were €1.03 billion compared with €995.7 million for the same period last year, an increase of 3.5 per cent.
In a trading update, the agri-Services group said volume growth was just under 25 per cent in the quarter and 13 per cent year-to-date.
The company said it was increasing its full year earnings guidance in adjusted diluted earnings per share by 3 per cent to approximately 55 cent.
Goodbody stockbrokers said Origin has seen a very strong performance in its quarter to the end of April, with underlying sales significantly ahead of analyst estimates.
“The optimistic outlook presented in Origin’s statement this morning reinforces our continued positive stance on the stock,” Goodbody said.