Origin recommends 36% rise in dividend

Agri-services group, Origin Enterprises has recommended a 36.4% increase in annual dividend, for its shareholders, on the back of a strong set of full-year financial results.

The Dublin-headquartered business — which is more than 71% controlled by Irish-Swiss baked goods giant, Arzyta — is recommending, to shareholders, a full-year dividend payment of 15c per share for the 12 months to the end of July. This would be up on the 11c paid out for the preceding financial year.

Origin, yesterday, reported pre-tax profits of just over €76.2 million for its latest fiscal year; up by 8.4% on the €70.31m profit recorded for the 12 months to the end of July 2011.

Group operating profit was up by 2.5% to just over €82.8m and revenue rose by 6.6% to stand at €1.34 billion. Adjusted diluted earnings per share rose by 4.2% to 45.16c and Origin managed to reduce its net debt levels, during the year, by 26.4% to €67.8m. At the close of its previous financial year, debt levels stood at €92.1m.

The company’s management remains confident of delivering further earnings growth in its current financial year. It said that the strong increase in recommended dividend, for the past year, reflects its confidence in the future performance of the business.