Origin Enterprises reports ‘satisfactory performance’ in interim results

Origin Enterprises has reported a satisfactory performance in what it calls a seasonally quiet first half of the financial year.

The Plc says that its agri-services operating profit was in line with last year against a more challenging backdrop for primary food producers in 2015, while its well-established winter cropping profile providing strong base for full year result from agri-services.

Adjusted diluted earnings per share of 5.80c, it says, represents an underlying increase of 7.1% and it is maintaining full year adjusted diluted EPS guidance at 60.0c per ordinary share.

Commenting on the announcement of the 2015 Interim Results, Origin Chief Executive Officer, Tom O’Mahony said Origin has achieved a solid operating and financial performance during the seasonally quiet first half of the financial year, recording a 7.1% increase in underlying adjusted earnings per share.

“Group operating profit from agri-services was broadly in line with last year reflecting the benefit of a favourable 2014 harvest which combined with follow on ideal planting and growing conditions for winter crops underpinned robust activity levels on farm and supported good demand for serviced agronomy and inputs.”

Farming sentiment is currently more challenged as volatile output and input markets exert significant pressure on the incomes of primary producers. Maintaining profitable and sustainable farming systems against this backdrop highlights the strategic value of customised agronomy services in promoting increasingly efficient production systems and a risk based approach to crop management, O’Mahony also said.

“Our focus is currently concentrated on developing new consolidation opportunities that build upon the Group’s existing service offer and technology sets. At this stage and with the seasonally more important second half of the financial year to come we are maintaining full year guidance in adjusted diluted earnings per share of 60 cent from the existing business.”

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