Origin reports rise in revenue

Agri-services group Origin Enterprises said the first quarter of its fiscal year was in line with expectations as the company reported a rise in underlying revenue.

Robust farm activity helped lift group revenue to €315.8 million for the three months to October 29th 2011.

That compares with €340.6 million total revenue in the same period a year earlier. However, the previous year's figures included €34.6 million from consumer foods unit Valeo Foods, which has since changed from a wholly owned business to an associate. The transaction was completed in November 2010.

Revenue in the agri-services division was €306 million in the same quarter a year ago, meaning a rise of 3.2 per cent year on year.

Origin said integrated agronomy services performed "very satisfactorily" as robust activity at farm level boosted the sector.

"The positive backdrop to farm incomes and related improved investment returns combined with good autumn growing conditions supported favourable demand for full service agronomy and technical seed applications," Origin said.

The group's interests in the consumer foods sector, with Valeo, and marine proteins and oils, through joint venture Welcon, performed as expected.

Origin said it was "comfortable" with consensus market estimates for the full year.