PROFITS AT the agribusiness group behind Roma foods and Odlums flour came close to €71 million in its last financial year, results it released yesterday show.
Origin Enterprises, the food and farming services business spun off from IAWS, said yesterday that sales grew 69 per cent in the 12 months ended July 31st to €1.5 billion from the €890 million earned over the previous year.
Operating profits increased 86 per cent to €70.9 million from €38.1 million over the same period. Earnings per share were up 74 per cent at 34.05 cent from 19.63 cent.
Origin owns the Shamrock and Roma food businesses and brands. In August last year, the group took full control of flour miller, Odlums Group, from its former partner in that venture, Greencore.
Origin chief executive Tom O'Mahony indicated yesterday that in the medium term, the group is likely to move its flour- milling operation in Cork's docks closer to the main market for the product, which is in Leinster.
The Cork facility is one of a group of properties owned by Origin, along with fertiliser manufacturer, Gouldings, which is earmarked for redevelopment under a local authority plan for the docks.
Origin has submitted plans for the properties to Cork Corporation. Mr O'Mahony said yesterday it would be reviewing its three flour milling operations in light of this. Origin has moved another Cork docks-based operation, the R+H Hall grain silos, to Ringaskiddy, further downstream in Cork harbour.
Along with these businesses, Origin has animal feed, fertiliser, and food ingredients manufacturing operations in Ireland, Britain and Poland. It owns farms in Poland and the Ukraine.
Early this year it did an €80 million deal to buy British-based firm Masstock, which specialises in agronomy - advising tillage farmers on using the best methods and technology to maximise the yield from their crops. The deal included a cash payment and an agreement that Origin would take on Masstock's £30 million debts.
Arytza AG, the company formed last month following the IAWS takeover of Swiss food business, Hiestand, owns 71 per cent of Origin. The remaining 29 per cent was floated on the Irish stock market in May of last year.
