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(Alliance News) - Origin Enterprises PLC on Tuesday said its annual results showed significantly improved financial returns compared to the past two years.
The Dublin-based agronomy services company provides specialist advice, inputs and digital solutions to promote sustainable land use.
In the financial year that ended July 31, Origin Enterprises more than doubled to a pretax profit of EUR100.3 million from EUR46.7 million the year prior. In financial 2020, Origin had booked a pretax profit of EUR39.0 million.
It said that performance in the prior two years had been hurt by extreme weather and Covid-19.
The company reported revenue of EUR2.34 billion in the recent year, up 41% from EUR1.66 billion in financial 2021.
Origin Enterprises noted an "exceptionally volatile trading environment", driven by inflation, increasing energy costs, and disrupted supply chains. However, it said it is "well positioned" to deliver on its financial objectives because of its "strong balance sheet, market positions, deep customer relationships, access to diverse sources of product supply, and established routes to market".
The company said it will launch a EUR20.0 million share buyback from Wednesday, to run to March 31. This follows the completion of a EUR40.0 million share buyback programme in the last financial year.
It proposed a final dividend of 12.85 cents per share, up from 7.85 cents a year before, bringing the full-year total to 16 cents, up 45% from 11 cents.
Origin Enterprises shares were quoted 4.3% higher at EUR3.70 each in London on Tuesday.
By Holly Beveridge; hollybeveridge@alliancenews.com
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