Origin Enterprises first-half revenue rises to €852m despite weak farmer sentiment

Its operations across Ireland and the UK saw revenue grow by €7.5m and a reduction in operating losses as growers made fertiliser purchases ahead of spring.

Agri industry firm Origin Enterprises saw group operating profit edge up in the past six months despite ongoing pressure on farmer sentiment and higher finance costs.

In the six months to January 31, the group recorded revenue of €852.6m, a 2.5% increase on the previous year, supported by underlying volume growth and stronger pricing in fertiliser markets. Total group operating profit rose 2.4% to €17.4m.

Its operations across Ireland and the UK saw revenue grow by €7.5m and a reduction in operating losses as growers made fertiliser purchases ahead of spring. Improved winter planting and strong animal nutrition demand helped offset continued caution among UK farmers facing weaker output prices.

Origin said operations in Europe reported volume growth but lower operating profit due to softer volumes in Poland and provision costs in Romania.

"The Group delivered a solid first-half performance," CEO Sean Coyle said. "Activity across both Agriculture and Living Landscapes was in line with expectations, establishing a strong operational base across our markets as we move into the more significant second half.”

"Planting areas and crop conditions are good across our markets, and demand for animal and soil nutrition products has been solid. Consistent with prior years, significant levels of spring volumes are still to be delivered across all of our businesses."