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LONDON (Alliance News) - Origin Enterprises PLC, the AIM-listed subsidiary of Switzerland's Aryzta AG, Wednesday reported a slight increase in profit in its last financial year, citing a return to more normal growing conditions in Europe after the previous year was affected by bad weather conditions.
It added that it is confident of delivering further earnings growth in the current financial year.
The agricultural services and fertilisers company, which is 68.1% owned by Aryzta, reported a pretax profit of EUR87.4 million for the year to July 31, up from EUR84.6 million a year earlier, even though revenue was flat at EUR1.42 billion. Its operating margin rose 70 basis points to 5.6% as operating profit in its high-margin agri-services business rose 15.4%.
"Near perfect planting and growing conditions led to a strong recovery in the demand for agronomy services and farm inputs. This is in contrast to the prior year when activity levels on-farm were adversely impacted by very unseasonal autumn and spring weather," the company said in a statement.
Origin raised its dividend to 20.0 euro cents a share, from 17.25 cents a year earlier.
The company managed to cut its net debt be more than half to EUR11.9 million, from EUR29.6 million at the end of fiscal 2013.
It said it has the capacity to fund new market opportunities, without giving details.
By Steve McGrath; stevemcgrath@alliancenews.com; @stevemcgrath1
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