Origin Enterprises said operating profit rose 17 per cent to €14.9 million in the first half of its financial year, lifted by a recovery in volumes in the agriculture business and continued growth in the living landscapes unit.
Pretax profit was 1.7 per cent higher at €7 million, and earnings per share were also higher in the six months ended January 31st 2025, the agriservices group said, rising 38 per cent year on year to 5.17 cent.
Group revenues were €831.7 million, down 2.7 per cent as global feed and fertiliser prices fell. But the group said revenues were supported by the recovery in agriculture volumes in the second quarter, after a delayed start to planting, and strong organic growth in the living landscapes division.
In the UK, larger planting areas were offset by infield conditions in limited areas, meaning total winter cropping remained below the level of a normal season.
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Continental Europe had a solid start, despite growers in parts of Romania remaining cautious.
The agriculture section in Latin America was also hit by the devaluation of the Brazilian Real relative to euro, the company said.
The living landscapes division showed continued progress, with €2.3 million of operating profit growth in the period. The €10.5 million exceptional gains was mainly attributed to the revaluation of property holdings and profit on the disposal of assets from a joint venture.
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“Our strategic focus on increasing our presence in the professional landscapes and environmental solutions sectors, and expanding the range of products and services we provide to the emerging nature economy, is driving greater earnings diversification and helping to mitigate earnings inconsistency over time,” said chief executive Sean Coyle.
“Encouragingly, lower year on year price levels has seen strong demand in order volumes for our animal nutrition and soil nutrition businesses for the remainder of the year, however, given the significant levels of spring volumes yet to be delivered across all of our businesses, it is too early to issue guidance for the full year.”
The group also completed a €20 million share buyback programme and returned €14.5 million to shareholders in dividends after the end of the period.
