Farming & Food

Origin forecasts increase in earnings despite challenges

Company says Covid crisis still impacting business while cold weather hurt revenues

Year-to-date, turnover is down 3.3 per cent to €1.17 billion, as against €1.2 billion in the prior year.

Wed Jun 16 2021 - 07:44

Agri-business specialist Origin Enterprises has recorded slight fall in revenues for its third quarter as prolonged cold weather impacted farm activity.

The Dublin-listed company said group revenue totalled €597.8 million for the three months versus €604.8 million for the same period a year earlier.

Year-to-date, turnover is down 3.3 per cent to €1.17 billion, as against €1.2 billion in the prior year.

The company said Covid continues to be a challenge for the business, particularly in continental Europe and Brazil. Nonetheless, Origin expects to deliver sold growth in earnings year-on-year, with full year adjusted fully diluted earnings per share in the range of 34 to 36 cent up from 25.69 cent in 2020.

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Ireland and Britain recorded a 4.5 per cent reduction in underlying agronomy services in the group's third quarter due to the cold snap, Origin said.

Total autumn and winter plantings for principal crops are estimated to be 42.6 per cent, or 0.7 million hectares, ahead of last year at 2.4 million hectares.

Continental Europe recorded an underlying volume decrease in agronomy services and crop inputs of 1.4 per cent.

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