Origin Enterprises sees slow start to its new financial year
Origin Enterprises has reported a slower start to the 2016 financial year for the seasonally quiet first quarter, but the Group still expects to achieve full year adjusted diluted earnings per share of
between 51 cent and 53 cent.
The food and agri-services company said that the slower performance is mainly due to delayed new season activitiy on farms in August and September due to bad weather. This affected this season’s winter crop planting programmes.
In a trading update for the three months to the end of October, the company said that new season activity levels on farms were “robust” in the latter part of the period with strong winter crop planting progress in October.
The company said that revenues at its Agri-Services division fell by 5.5% to €300.4m from €318m in the three month period.
Revenue at its business to business agri-inputs business in Ireland and the UK was also lower due to slower fertiliser volume development, which was partly offset by the benefit of higher feed volumes.
