Origin Enterprises to acquire UK company Green-tech
Deal expected to offer the agri-services company potential in the area of environmental land management
Origin’s revenue in the six months ended January 31st, 2021, was €572.4m, down 5.4%, as the group saw a negative impact from foreign exchange rates
Agri-services business Origin Enterprises has announced the acquisition of Green-tech, a UK manufacturer and distributor of landscaping, forestry and grounds maintenance equipment.
Origin said Green-tech is expected to enhance the offering of its amenity businesses, and offers potential in the area of environmental land management and bio-diversity enhancement for the group’s agri-focused businesses.
Origin chief executive officer Sean Coyle said: “Green-tech is an excellent strategic fit for Origin and extends our amenity offering in the UK in a segment we expect will grow further in the coming years. We are delighted to welcome the Green-tech team to the Origin group.”
Origin saw its pretax loss shrink in the first half of its financial year as the company battled with the impact of Covid-19 and Brexit, according to results filed on Thursday.
Revenue in the six months ended January 31st, 2021, was €572.4 million, down 5.4 per cent, as the group saw a negative impact from foreign exchange rates.
Operating profit was €1.2 million for the six months, from a loss of €2.8 million in the same period in 2020, and pretax loss was €2.54 million. That compared to a pretax loss of almost €7.2 million in the previous year. Adjusted diluted loss per share was 1.53 cent.
Origin said an increase in underlying operating profit of €5.7 million was driven by improved performance in Ireland and the UK, and was attributed to more normalised autumn and winter crop plantings.