Origin sees revenues rise by 5.8% despite challenging conditions

Origin Enterprises saw revenues increase by 5.8 per cent to €1.4 billion in the year to the end of July.

The agri-services group said profit before tax for the year increased by 11.7 per cent to €84 million.

The company’s dividend for the year rose by 15 per cent to 17.25 cent from 15 cent last year.

Chief executive Tom O’Mahony said: “Primary producers experienced unprecedented challenges in the year as delayed crop plantings due to unseasonable weather patterns made for an extremely difficult planning environment.”

“Origin retains a strong capacity to fund new market opportunities and we remain confident of delivering further growth in Agri Services in 2014,” he said.

Following the disposal of its Marine Proteins and Oils joint venture interest, the company is proposing to return up to €100 million of capital to shareholders by way of a tender offer.

In a review of operations, Origin said its agri-business in the UK saw a strong final quarter as unseasonably wet autumn and cold spring weather conditions curtailed in-field operations and early season crop development.

It said farm management plans were significantly impacted during the key autumn planting season with winter wheat and oil seed rape areas reduced on a national basis by approximately 20 per cent and 5 per cent respectively.

In Poland, the company said its Dalgety business recorded higher profits across all input and service portfolios.