Third quarter revenues fall 1% to €555.5m at Origin Enterprises

Revenues at agri-services group Origin Enterprises has reported "disappointing" trading for the third quarter with revenues falling by 1 per cent to €555.5 million in the three months to the end of April.

Revenues were €1.06 billion for the nine months compared with €1.09 billion in the equivalent period last year, a decrease of 2.7 per cent.

In a trading statement published this morning, Origin said revenues in the UK were lower primarily due to the impact of a very late spring season.

In Poland, the company said trading conditions for the third quarter were “extremely challenging” with like-for-like agronomy revenues some 25 per cent lower against the prior year comparative.

Origin said it expects demand for services and inputs in the final quarter to be higher when compared with the prior year mainly resulting from a greater concentration of seasonal activity.

In light of the lower third quarter performance the company said it is updating full year guidance in adjusted diluted earnings per share to a range of between 43 and 46 cent per share for 2016.