Origin Enterprises sees revenue grow in "strong" quarterly performance

Origin Enterprises provides specialist agronomy advice, crop inputs and digital agricultural solutions to farmers, growers, landscapers and amenity professionals

Origin Enterprises, an international Agri-Services group, announced a "strong" quarterly performance following a third-quarter trading update.

The group reported quarterly revenues of €880.6m to the end of 30 April, up 47.3% from the same period last year.

Group's revenue for the year to date stood at €1,757.7m, an increase of 50.2% from the same time last year.

Origin Enterprises provides specialist agronomy advice, crop inputs and digital agricultural solutions to farmers, growers, landscapers and amenity professionals. The group noted that high crop prices enable the continued support of strong on-farm sentiment, with crop establishment and weather conditions reported as generally favouring farmers.

The group also stated that strong volume performance across their seed and crop protection portfolios was offset by a decline in fertiliser demand as a result of the significant increases in the cost of raw materials.

The company's €40m share buyback programme is currently 96% complete.

Origin Enterprises stated that as a result of Russia's invasion of Ukraine, activity levels in the country have reduced sharply since the start of the war with the limited sale of last year’s crop significantly impacting on-farm liquidity. 

"The Group continues to closely monitor the situation on the ground and support the limited localised operations in areas away from conflict, overseen by the local team."

The company said their primary focus remains ensuring the safety and wellbeing of their colleagues in the country and the continued de-risking of the balance sheet in Ukraine. 

The company said the strong trading conditions they have experienced to date have continued into the forth quarter across all three segments.

"The Group has continued to successfully navigate price volatility and supply chain disruptions across its markets, primarily resulting from the war in Ukraine and ongoing global energy, commodity and general inflationary pressures." 

"The Group now expects to deliver increased growth in earnings year-on-year, with full year adjusted fully diluted earnings per share, excluding any impact of the on-going share buyback programme, in the range of 64 to 68 cent for FY22."

In a separate report, Origin Enterprises also announced that chairperson Rose Hynes will be succeeded by Gary Britton at the 2022 AGM.