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LONDON (Alliance News) - Irish agri-services company Origin Enterprises PLC on Wednesday posted higher pretax profit and revenue for the year to the end of July, despite a more challenging backdrop in its key markets.
Origin said its pretax profit was up to EUR88.2 million from EUR87.4 million in the year, while its operating profit was broadly flat at EUR93.0 million. Origin said the agri-services trading environment was tougher in the year, with a difficult backdrop for its services business and higher input costs offsetting the benefits it got from the weak euro.
The company's revenue was up to EUR1.46 billion from EUR1.42 billion, benefiting from the depreciating euro, as the bearish crop cycle and reduced seasonal intensity resulted in overall demand for services and inputs falling.
"Primary output markets continue to remain under sustained pressure with near term visibility on new price direction unlikely before the middle of calendar year 2016. This weaker backdrop is impacting farm sentiment and a lower demand profile for services and inputs is anticipated in 2016," said Tom O'Mahony, Origin's chief executive.
"While we remain cautious regarding our outlook in the short term, the group is well positioned to respond to current market conditions and to benefit from a sustained improvement in primary producer returns," O'Mahony added.
Origin will pay a total dividend for the year of 21.0 euro cents per share, up 5% year-on-year.
By Sam Unsted; samunsted@alliancenews.com; @SamUAtAlliance
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