Origin reports drop in revenue as poor weather constrains activity

Agri-services company Origin Enterprises has announced a 5.2 per cent decline in quarterly revenues as unseasonal weather delayed input and service applications on farms, especially in the UK.

In a trading update, the company said third-quarter revenues was €428.0 million compared with €451.6 million for same period last year.

The company, which is majority-owned by Swiss baked goods firm Aryzta, said its financial position remains strong, however.

Revenues for the nine months to the end of April rose by 3.8 per cent to €995.7 million from €959 million last year.

“The fourth quarter will account for an increased level of profits within the group’s agri-services division as activity levels on-farm resume in earnest following a return to more normal weather patterns.”

“The group’s financial position remains strong and we are comfortable with analyst market expectations of adjusted fully diluted earnings per share for the financial year of approximately 48.5 cent.”