Operating profits at Origin Enterprises almost halved due to the impact of Covid and poor weather.
Full-year financial results up to the end of June for the agricultural services group show profits fell by 46.4% to €44.1m with group revenue reducing by 11.6% to €1.6bn.
"FY20 was defined by extreme weather challenges, with the wettest autumn winter planting season in 30 years, followed by extremely dry conditions in the third quarter, which persisted into June, further lowering the intensity of crop input investment spend," Origin’s Chief Executive Officer, Sean Coyle.
"Given the extreme nature of these weather conditions, we would expect crop plantings to normalise in FY21, which will increase market demand for agronomy services and crop inputs and return the Group to growth."
While our agricultural supply chain businesses are essential to food production, Origin still faced the challenge of a large proportion of its customer base having to temporarily close during the lockdown.
In June the board of Originsuspended the final dividend for FY20 given the uncertainty around Covid-19.
In relation to Brexit Origin said it is progressing its plans should no trade deal be concluded by the end of the year.
Origin also announced the appointment of TJ Kelly as the Group’s new Chief Financial Officer. Kelly is currently CFO and an Executive Director of Hostelworld and previously worked in the US and Ireland with Glanbia.