Irish agriculture company Origin Enterprises’ shares rose on Thursday despite the group reporting an 11.8 per cent drop in total group revenue for the first quarter of its trading year, compared to the same period last year.
Revenue for the company was €469.4 million in the first three months ending October 31st, 2024, compared to €532.5 million over the same three months last year. The decrease in revenue was driven by bad weather with its challenging planting conditions and substantial rainfall over the first quarter.
Chief executive Sean Coyle said results from the first quarter were solid, “despite delayed planting in the northern hemisphere and Brazil”.
The overall results have been well received, leading to shares rising on Thursday. According to the trading update the company saw growth in other divisions of the organisation, such as its Living Landscapes arm which reported a rise of 24.8 per cent in the first quarter. Living Landscapes offers products and services for the environmental, landscape and sports sectors.
The company expected to see recovery in the second quarter “and overall planting levels across our geographies to return to a more normative cropping area relative to last year”, Mr Coyle said.
The company expects to exceed its crop production in 2025 compared to last year. The report notes that weather conditions have improved and the company expects 1.75 million hectares of wheat to be planted this winter, compared to 1.3 million hectares last winter. Overall, the combined plantings for 2025 are expected to exceed last year, reaching 3.9 million hectares.
A report from stockbrokers firm Goodbody on the results notes the results show a “strong recovery in the key UK winter crop planting levels”. The firm says its positive outlook on the stock has not changed.
Origin Enterprises purchased UK firms Avian Ecology and Bowland Ecology in September 2024 as part of its living landscapes division.
The trading update also announced the completion of a share buyback programme worth €20 million. The company is due to announce further updates in March 2025.
Origin Enterprises were contacted for comment.
- Sign up for the Business Today newsletter and get the latest business news and commentary in your inbox every weekday morning
- Opt in to Business push alerts and have the best news, analysis and comment delivered directly to your phone
- Join The Irish Times on WhatsApp and stay up to date
- Our Inside Business podcast is published weekly – Find the latest episode here
