Origin Enterprises posts 2.4% rise in operating profit to €93m

Origin Enterprises saw operating profit climb by 2.4 per cent to €92.9 million in the year to the end of July.

The agri-food company said revenues for the year were flat at €1.4 billion. Earnings per share amounted to 57.51 cent, an increase of 10.4 per cent from 2013.

The company’s dividend for the year rose by 15.9 per cent to 20 cent from 17.25 cent last year.

Chief executive Tom O’Mahony said Origin recorded a 16.7 per cent increase in underlying adjusted diluted earnings per share with year-end net debt under €12 million.

“Near perfect planting and growing conditions led to a strong recovery in the demand for agronomy services and farm inputs. This is in contrast to the prior year when activity levels on-farm were adversely impacted by very unseasonal autumn and spring weather”.

He said Origin has a strong capacity to fund new market opportunities, adding the company is confident of delivering further earnings growth in 2015.

Operating profit from agri-services amounted to €79.5 million compared to €68.9 million in the previous year.