4 days ago
Origin Enterprises' nine month revenues up 4.1%
International agri-services group Origin Enterprises has reported group revenue year to date of €1.59 billion, up 4.1% year-on-year.
The company said this reflected solid organic growth across both its Agriculture and Living Landscapes divisions.
In a trading update for the nine months to the end of April, Origin Enterprises said its Agriculture division saw revenues of €1.45 billion, an increase of 2.6%.
It reported volume growth in Ireland and the UK of 8.3%, while it saw growth of 4.3% in Continental Europe and growth of 9.6% in Latin America.
Its Living Landscapes division reported revenue of €137.2m so far this year, an increase of 23.9%. It said that strong underlying growth of 12% and favourable trading conditions drove increased demand across the portfolio.
Origin's chief executive Sean Coyle said the company delivered an "encouraging" performance in the first nine months.
"Improved momentum in the third quarter was driven by favourable application conditions for crop inputs and an increased winter cropping area in the Northern Hemisphere, together with strong demand in Living Landscapes supported by recent acquisitions," the CEO said.
"Despite the impact of the depreciation of the Brazilian real versus the euro, we expect our increasingly diversified earnings base will result in operating profit growth in 2025 and guide full year adjusted diluted EPS of 50 to 52 cent," he said.
"We remain on track to deliver the Group's stated financial and operational targets for the period FY2022 to FY2026," he added.
