Origin half-year profits down 28%

Animal feed and food production specialist Origin has reported a 28% drop in half year profit to €10.2m.

Revenue for the six months to end January was €710m, down 16% on the same period last year.

The company said falling food prices and a drop in farm incomes have hit its customer base contributing to what it called "challenging business conditions".

“Origin has performed well during the first half of 2010 in a difficult trading environment," said Chief Executive Officer Tom O’Mahony.

"The business environment remains challenging, however we remain confident for the full year and expect to deliver consensus market expectations.

"We will continue to focus on cash generation and operational efficiencies to ensure the business is well positioned to respond to new opportunities as they arise.”