Origin revenues rise 5.8 per cent to €1.4bn
Agri-business Origin Enterprises said its revenues for the year to the end of July rose by 5.8 per cent to €1.4bn. It announced its results for 2013 this morning.
The agri-service group said its operating profit was in line with last year reflecting a very strong final quarter countering the impact of lower on-farm activity earlier in the year. Profit before tax for the year increased by 11.7 per cent to €84m.
In addition, the company’s dividend for the year rose by 15 per cent to 17.25 cent from 15 cent last year. It also proposes to return up to €100m of capital to shareholders by way of tender offer for Origin shares, following the disposal of its marine proteins joint venture interest.
Commenting on the announcement of the 2013 results, Origin chief executive officer, Tom O’Mahony said: “Primary producers experienced unprecedented challenges in the year as delayed crop plantings due to unseasonable weather patterns made for an extremely difficult planning environment.
“The performance of agri-services was particularly robust against this backdrop and reflects the group’s strength in technically-based agronomic application together with the breadth of service offering and product portfolios available to customers.”
Origin chief executive officer, Tom O’Mahony