€2.4m paid to 3 Origin directors
However, aggregate employment costs of the agri-services company’s 1,263 employees, including executive directors, fell to €71,567, from €75,590 in 2009.
The pay of chief executive Tom O’Mahony, 48, came to €984,000, including a bonus of €360,000, for the year to the end of July 2010, according to the company’s annual report published yesterday. The 2009 report did not give a breakdown of individual executive directors’ annual pay.
Chief financial officer Barry Fitzgerald, 47, was paid a total of €729,000, including a bonus of €260,000, while head of corporate development and executive chairman of Masstock Group, Declan Giblin, 54, was paid a total of €656,000, including a bonus of €220,000.
Company chairman Owen Killian, 57, received a stipend of €50,000.
Origin reported pre-tax profits of €58.3m for the year to the end of July, down slightly from the €58.8m the previous year. The results were ahead of expectations, Origin said.
Group revenue of €1.3 billion for the year to July 31, 2010, a fall of 11.3%, principally due to lower global feed and fertiliser prices, Origin said. Operating profits declined 2.5% to €77.4m from €79.4m.
On September 10, the group strategically repositioned its food business with the establishment of Valeo Foods Group Limited to consolidate its Irish consumer food brands.
“This strategic development marks a significant repositioning of our consumer foods interests and an important clarification of Origin’s strategic priority. Origin is now a focused agri-services group committed to the delivery of value added services, technologies and strategic inputs, which support the delivery of sustainable and profitable solutions for primary food producers,” Mr Killian said.
He said Origin delivered a strong performance for the year, exceeding market expectations — growing adjusted fully diluted earnings per share and cash flow — with a strong second-half performance.
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