Agri-services group Origin delivers 12.6% rise in profit
Company says performance in traditionally quiet first period sets foundation for growth
Tom O’Mahony, chief executive of Origin, He said the first half had shown “favourable activity levels on farms”. Photograph: Eric Luke
Agri-services group Origin Enterprises has reported a 12.6 per cent rise in operating profit in the traditionally quieter first half of its financial year.
The company reported a 4 per cent rise in sales to €587 million in the six months to end-January 2018. Operating profit for the period was €3.97 million. Origin typically delivers 90 per cent of its earnings in the second half of its financial year.
Chief executive Tom O’Mahony said the first half had shown “favourable activity levels on farms”.
He said the acquisition of fertiliser and nutrition business Pillaert-Mekoson in Belgium had scaled up its continental European business, and provided opportunities for further expansion.
“We continue to prioritise new growth opportunity in agri-services while focusing on cash-generation, operational and commercial effectiveness,” Mr O’Mahony said.
The group has also appointed Rafal Prendke as chief executive of its continental European division, which covers operations in Belgium, Poland, Romania and the Ukraine. The division currently has sales of €600 million and 1,100 staff.
Mr Prendke, who joined the company in 2015, is currently in charge of Origin’s Polish business.
The company said it was still working on finding a replacement for chief financial officer Imelda Hurley, who announced in February that she was stepping down from her position,