Origin Enterprises to submit planning application for docklands development

ORIGIN Enterprises, the Irish agribusiness and food company controlled by IAWS will submit its first multi-million euro planning application for a mixed-use development in Cork’s Docklands over the coming months.

The company will seek planning permission for residential, commercial and retail developments over two acres on the Victoria Quay end of the Docklands, where its animal feed operation, R&H Hall is situated.

The company, which yesterday said first-half profit rose 13%, will submit an application before July 31 this year, according to chief executive Tom O’Mahony.

Origin, which owns 32 acres of land on Cork’s south docks, is also progressing with its €30 million relocation plans for the area, which will see R&H Hall move to Ringaskiddy.

This relocation operation will take three to five years.

The company refused to give any further details yesterday on the planning application or its long-term plans for the site, that some have estimated to be worth €300m, based on current commercial values for key development sites.

Dublin-based Origin said net income climbed to €12.1m, or 8.84 cents a share, in the six months through January from €10.7m, or 8.04 cents, a year earlier while sales increased 46% to €546m.

At its food unit, sales rose 14% under the Roma brand, the leader in Ireland’s pasta market, and the Shamrock range of foods from dried fruits to rice.

“Origin posted a very strong set of interim results,” Liam Igoe, an analyst at Goodbody Stockbrokers said in a research note.

Sales gained 49% to €375.4m at its agri-nutrition unit, the company said. Revenue climbed 40% to €171m at the food division and advanced 6.6% excluding the purchase of Greencore’s 50% stake in flour miller Odlum Group in August.