Origin Enterprises, the Dublin-headquartered international agronomy services group, has reported group revenue of over €1.92 billion to date this year.
According to a trading update published today (Thursday, June 15), this is an increase of 9.3% compared to the same period last year.
Origin said that revenue during its third quarter (Q3) dropped by 15.9% year-on-year to €714 million.
Origin
The company, which provides specialist advice, inputs and digital solutions to promote sustainable land use, said that its markets continue “to exhibit significant price and volume volatility” requiring “close management”.
“Performance in Q3 was impacted by more cautious on-farm sentiment and poor northern hemisphere in-field conditions delaying key crop input applications, however weather conditions and demand have subsequently improved into Q4,” the financial documents said.
Origin said that the total autumn and winter cropping area is estimated to be broadly unchanged on last year at 2.6 million hectares.
Combined autumn/winter and spring plantings for the 2023 crop production year are expected to be marginally behind last year at 4.3 million hectares.
Origin said that underlying volumes decreased 11.7% year-to-date, excluding crop marketing volumes, driven by reductions in Ireland/UK and Continental Europe of 13.2% and 14.2% respectively.
This was partially offset by a 37.5% increase in Latin America
Revenue in Ireland and the UK rose by 5.1% to €1.2 billion year-to-date, while Q3 revenue dipped by 21% to almost €490 million.
The company also noted that recent acquisitions including Keystone Environmental, Neo Environmental, Agrigem and British Hardwood Tree Nursery have strenghtened its offering in the amenity, environment and ecology sectors.