Origin numbers boosted by uptick in sentiment and activity

Origin Enterprises said underlying revenue rose by 3.9 per cent to €347 million for the three months to the end of October.

In a trading update ahead of an annual general meeting in Dublin on Friday, the agri-services group said demand for agronomy services and crop inputs continue to be “favourable”.

“This reflects generally improved on-farm sentiment together with a positive planting profile to date for autumn and winter cropping across the majority of our markets,” it said.

Revenue for its main Britain and Ireland operations was €219 million during the three-month period, the company said. On a like-for-like basis, adjusted for the impact of currency movements and acquisitions, this represented an underlying increase in revenue of 9.8 per cent compared with the corresponding period last year.

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The company said its operations in continental Europe across Poland, Romania and Ukraine delivered a satisfactory performance recording underlying volume growth in agronomy services and crop inputs (excluding crop marketing volumes) of 13.7 per cent in the period.

Cautious

Despite the positive numbers, Origin said sector sentiment currently remained cautious against an improved planning backdrop for primary food producers.

“The autumn and winter cropping profile provides a strong foundation for the seasonally more important second half when in excess of 90 per cent of earnings typically arise,” it said.

The company said a further update on cropping status and farming activity ahead of the group’s main trading season in the second half will be provided at the time of its interim results in March.

“Importantly, autumn and winter crop planting in the UK is forecasted to be 2.8 per cent ahead of last year which provides a good platform for the seasonally important second half,” Goodbody analyst Jason Molins said.