Crop services provider Origin Enterprises says it has restored growth in the 2021 financial year (FY2021), after and “extremely challenging” 2020.
The group launched its Annual Report and Accounts 2021 today (Friday, October 22).
Rose Hynes, the business’ non-executive chairperson, said: “The group has worked to restore growth to earnings in 2021, responding to the challenges of continuing Covid-19 disruptions to deliver an improved performance and a solid earnings recovery.”
Meanwhile, CEO Sean Coyle said: “I am pleased to report the FY2021 saw a much-improved performance for the group, compared to a challenging FY2020 impacted by extreme weather and the onset of the Covid-19 pandemic.”
Some of the key findings from the report include a group revenue increase of 4.4% to €1.658 billion. When currency movement and the impact of acquisitions are excluded, the ‘underlying’ revenue increase is 6.6%.
Origin saw an operating profit of €61 million, which is a significant increase on the 38.3% for FY2020 (a 42.1% increase on an underlying basis).
Operating margin in FY2021 was 3.7%, compared to 2.8% in FY2020. The business reported “strong cash flow” of €49.2 million (which is a decrease on the FY2020 figure of €64.3 million).
The group had a working capital outflow of €4 million, compared to €30.3 million in FY2020.
Adjusted diluted earnings per share was 35.5c. The proposed final dividend for FY2021 is 7.85c/share, giving a total dividend of 11c.
New independent director at Origin
The release of Origin Enterprises’ Annual Report and Accounts 2021 comes a week after the announcement of the appointment of a new independent non-executive director to its board.
The group announced last Friday that Lesley Williams will take up the role “with immediate effect”.
Williams has over 25 years experience in capital markets, having held senior positions with Investec Bank as head of Irish equities; Euronext Dublin as head of Irish market; and Goodbody Stockbrokers as head of institutional equity sales.
Origin chairperson Hynes said: “We are delighted to welcome Lesley to the Origin Board. With a background in capital markets, she brings a wealth of executive and non-executive experience; corporate governance expertise; and ESG [environmental and social governance] investment insight.”