Continental triples first-half profit

Irish-listed agri-business Continental Farmers’ Group reported a 200% year-on-year increase in first-half profits, adding that it expects to exceed its full-year financial targets.

The Ukrainian and Polish crop producer — in which Irish agri-services group Origin Enterprises holds a near 25% stake — said pre-tax profits for the first six months of 2012 amounted to just under €3.5m. This was up 202% on the €1.15m generated in the first half of 2011.

Group revenue for the period was down slightly from €4.4m last year to just under €4.2m, but operating profit was up by nearly €3m to €4.37m and EBITDA (earnings before interest, tax, depreciation, and amortisation) more than doubled to €5.6m. The company also invested more than €8m in expanding its operations over the six months.