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LONDON (Alliance News) - Irish agri-services company Origin Enterprises PLC on Wednesday said its revenue in the third quarter pushed higher on the back of the depreciating euro, though even stripping out currency effects the company said revenue increased against a tough comparative.
Agri-Services revenue in the quarter to the end of March was up 9.4% to EUR560.9 million, pushing revenue for the first nine months up to EUR1.09 billion from EUR1.03 billion a year earlier, up 6%. Volumes grew 0.2% in the quarter, though nine-month volumes were down 0.4% due to lower feed and crop marketing volumes, which have been partially offset by higher crop protection and fertiliser volumes.
In the UK, dry weather conditions in the quarter boosted the performance of its Agrii unit, with demand broadly flat year-on-year and a resilient performance from its seed and nutrition portfolios. In its Polish business, Dalgety, favourable weather also supported a solid third-quarter performance, though seed volumes were lower due to reduced spring maize plantings. In Ukraine, Agroscope performed resiliently in the quarter, with higher revenue and profit, despite the significant economic and political turmoil in the country.
In its Agri-Inputs business-to-business arm, which operates in the UK and Ireland, third quarter trading was satisfactory, with a stable performance from its fertiliser business and a broadly flat period for its amenity business, which advises the sports turf, landscape and amenity sectors.
Origin expects demand in the final quarter of its financial year to be weaker year-on-year but maintains its full-year expectations.
Origin Enterprises shares were down 0.4% to EUR8.45 on Wednesday.
By Sam Unsted; samunsted@alliancenews.com; @SamUAtAlliance
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