Origin’s revenues grow 3.5% in Q1

Contributions from acquisitions and favourable currency movements led to Origin Enterprises posting a 3.5% year-on-year increase in first-quarter revenues, to €318m.

However, the Dublin-based agri-services group said underlying revenues, for the three months to the start of November, were down by 5.6% on an annualised basis, due to lower global fertiliser and feed prices.

In a trading update, published yesterday to coincide with its AGM in Dublin, Origin said it had achieved a “satisfactory” performance in the seasonally-quiet first quarter of its financial year. However, it added while activity levels on farms were robust during the period, “output price volatility is making for a demanding and challenging planning environment for primary producers, currently.”