Origin's revenues jump delivering record earnings per share

Strong performance across the Group’s seed and crop protection portfolios were offset by reduced fertiliser demand

Origin also completed the first phase of the disposal of property in Cork generating cash flow of €19.5m. File Pic: Larry Cummins

Origin Enterprises increased revenues by 38% to €2.34bn over the past year.

Publishing its preliminary results, the agri services company said operating profit was €119.7m up 89.7% year-on-year. They said there was generally very good conditions during the key planting and application periods in all markets and said strong volume performance across the Group’s seed and crop protection portfolios were offset by reduced fertiliser demand due to significantly higher raw materials pricing.

Origin also completed the first phase of the disposal of property in Cork generating cash flow of €19.5m.

Origin’s Chief Executive Officer, Sean Coyle said the past financial year saw strong agricultural commodity price growth and volatile trading conditions across all of the Group’s three segments throughout the financial year. 

"The war in Ukraine and ongoing global energy and supply disruptions have resulted in exceptional price volatility for feed and fertiliser raw materials. Strong on-farm sentiment, bolstered by high crop prices, supported the Group in successfully navigating this price volatility across each segment."

Origin's adjusted earnings per share exceeded the top end of the guidance range, up 89% year-on-year, underpinned by favourable on-farm conditions and strong procurement and pricing across the UK and Irish fertiliser platform.

Stockbrokers Davy said Origin’s results were evidence of a year of strong execution in an acutely challenging operating environment.