Origin ‘ready’ for no-deal Brexit

Geoff Percival

Agri-services group Origin Enterprises has said that it is well-prepared for any short-term logistical disruption caused by a no-deal Brexit.

The group reported revenues of nearly €1.63bn for the 12-months to the end of July; 9% up on the previous year. Pre-tax profits were up by 7% at €70.3m. Operating profit rose 4.6% to just over €71m.

Origin’s UK and Ireland division increased revenues over 6%. Management said while Brexit could challenge its growth, the group is prepared and has received regular updates on potential impacts and implications for UK domestic agricultural policy and regulation.

Given the group’s well- diversified business in the UK, continental Europe and Latin America, it is able to maintain a flexible approach to dealing with the potential challenges that will arise following Brexit

We believe that we are well prepared for any short-term logistical disruption that may result from a no-deal Brexit.

It said it will continue to closely monitor Brexit negotiations and adjust the group’s strategic and operational plans as necessary.

In June, Origin purchased stakes in two specialist agri businesses in Brazil, thus spreading its footprint outside of Europe for the first time.

It yesterday announced the appointment of Declan Giblin as chief executive of its new Latin American division. He is currently the group’s head of corporate development.

Acquisitions contributed 5% to Origin’s sales growth in its latest financial year and 3.6% to operating profit growth.